Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

EURUSD Long Scalps Eye Key Resistance - Breakout Targets 1.18

Talking Points



Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD breaches monthly / weekly opening range- rally approaching resistance
  • Key near-term resistance at the median-line / 1.1512 ( 8/25 reversal day close)
  • At risk for pullback heading into 1.15 - Support & Bullish invalidation at 1.1317
  • Breach of the highs targets 1.1614 ( August high-day close) & 1.1688
  • Daily momentum testing 60 resistance- breach keeps trade constructive
  • Key Event Risk Ahead: U.S. Consumer Price Index (CPI) tomorrow and U. of Mich. Confidence on Friday

EURUSD 30min

Notes: A breach of the weekly opening-range shifted the bias higher for the euro with the rally now eyeing a near-term resistance confluence at 1.1464/74. Euro has been trading within the confines of an ascending pitchfork formation off the September lows with the median-line seen just higher. This line intersects the August reversal-day close at 1.1512 into the end of the week and remains a key level of resistance for the pair.

Bottom line: looking for a stretch higher here into resistance which may offer favorable short entries targeting the lower median-line parallel. Interim support & invalidation of the immediate topside bias stands at 1.1395 backed by 1.1342 & 1.1317 (favorable long entries / broader bullish invalidation).

A quarter of the daily average true range (ATR) yields profit targets of 27-29 pips per scalp. Caution is warranted heading into U.S. inflation data tomorrow with the print likely to fuel added volatility in dollar crosses. Consensus estimates are calling for a contraction in the headline reading, but stickiness in core CPI may keep the dollar afloat as the figure is expected to hold steady at an annualized 1.8% for the fourth consecutive month in September.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex,contact him at or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

Struggling with your strategy? Here’s the number one mistake to avoid

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.