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.

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
EUR/USD Short-Term Strategy: Sell Rips Sub-1.0880

EUR/USD Short-Term Strategy: Sell Rips Sub-1.0880

2016-01-06 20:54:00
Michael Boutros, Strategist

Talking Points


EUR/USD Short-Term Strategy: Sell Rips Sub-1.0880

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: EURUSD is testing Fibonacci support at 1.0723 with today’s mixed FOMC minutes sparking a rebound in the exchange rate. The commentary suggests the bar remains high for another rate hike in the first quarter of 2016 and as such, the dollar may face near-term headwinds as market participants reprice the trajectory of US interest rates. Nevertheless, the broader outlook for the greenback remains constructive as the more prominent FOMC members such as Vice Chair Stanley Fischer anticipates the central bank to achieve the 2% inflation goal overt the policy horizon.

Near-term resistance stands at 1.0830 backed by the upper median-line parallel / the December high-day close at 1.0924- a breach above this level would be needed to shift the broader focus back to the topside. A break of the lows targets confluence support at 1.0632 & a longer-term trendline support extending off the 2000 low ~1.0565.

EURUSD 30min

EUR/USD Short-Term Strategy: Sell Rips Sub-1.0880

Notes: Today’s release fueled a breach above the median-line of an embedded pitchfork formation and we’re likely to get some more upside in the near-term before turning over. We will be looking for a rebound to offer favorable short entries with interm resistance seen at 1.0788 & 1.0833. A breach above the upper median-line parallel / 1.0884 would be needed to invalidate our near-term outlook.

A break below key confluence support at 1.0724/34 targets the 1.0688 pivot & the 78.6% retracement at 1.0633- note that this level converges on the lower median-line parallel into the close of the week. A quarter of the daily average true range yields profit targets of 24-27pips per scalp. Added caution is warranted heading into Eurozone data tomorrow morning and the highly anticipated Non-Farm Payrolls on Friday with the releases likely to fuel further volatility EUR & USD crosses.

For updates on this setup and more throughout the week, subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

Relevant Data Releases

EUR/USD Short-Term Strategy: Sell Rips Sub-1.0880

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere 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)

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


News & Analysis at your fingertips.