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
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The $JPY may resume a five-year rise against the New Zealand Dollar if prices make good on a Head-and-Shoulders pattern, pushing NZD/JPY toward 70.00. Get your market update from @ddubrovskyFX here: https://t.co/DXPkAjLoLp https://t.co/nyi5fDamr8
  • RT @RaoulGMI: Thanks Fitwit! Lots of great, smart ideas of playing the downgrades of BBB. The collective hive mind is truly incredible and…
  • transmissibility is increasing — news flow hasn’t been kind over the weekend — should be an interesting globex open #CoronavirusOutbreak https://t.co/UZYoZOQZ7V
  • The #Euro may be preparing to turn lower against the Japanese Yen, resuming a two-year downtrend and setting the stage for a decent below the 111.00 figure. Get your market update from @IlyaSpivak here: https://t.co/jtjJ1H2eRi https://t.co/epncUWJTSo
  • The $JPY has faded into 2020 as market risk appetite has held up and hit demand for haven assets. USD/JPY now challenges a key medium-term downtrend, but hasn’t topped it yet. Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/bLWABxibOo
  • My pleasure! https://t.co/R7ArKNjCNO
  • The range in USD/CAD broke with aggression this week as CAD sellers pushed the currency after the Bank of Canada rate decision. Get your $USDCAD technical analysis from @JStanleyFX here: https://t.co/8oHoLLqvtR https://t.co/8ZXx6GbKAn
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here: https://t.co/CPmNJSgHXY https://t.co/RdM0cbyfSf
  • The $AUD is pressuring four-month trend support against its US counterpart as sellers fight to reassert the dominant, long-term downtrend. Get your market update from @IlyaSpivak here:https://t.co/Bup64Arva9 https://t.co/CpraRXneTJ
  • The British Pound may fall as #Brexit commences, but will the Bank of England cut rates? The US Dollar could rise if the Fed spooks markets with plans to unwind repo operations $GBPUSD #BoE #GBP #Sterling - https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/01/26/British-Pound-May-Yet-Fall-on-Brexit-BoE-and-Fed-Are-Risks.html?CHID=9&QPID=917702 https://t.co/v39NsmOCwa
EUR/USD Battle Lines Drawn- U.S. GDP to Spur Range-Break?

EUR/USD Battle Lines Drawn- U.S. GDP to Spur Range-Break?

2016-02-25 20:17:00
Michael Boutros, Technical Strategist
Share:

Talking Points

  • EURUSD responds to critical support confluence 1.0954/64
  • Key range-break between 100 & 200 DMAs to validate near-term directional bias
  • Updated targets & invalidation levels

EURUSD Daily

EUR/USD Battle Lines Drawn- U.S. GDP to Spur Range-Break?

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: EURUSD is rebounding off a key support confluence at 1.0954/64 where the 100-day moving average converges on the 61.8% retracement of the 2016 range and former trendline resistance turned support. Key near-term resistance stands at the confluence of the 61.8% retracement of the 2016 trading range and the 200-day moving average at 1.1045. We’ll be looking for a break of this range with a general long side favored eyeing targets at 1.1120 & 1.1253/63.

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

EURUSD 30min

EUR/USD Battle Lines Drawn- U.S. GDP to Spur Range-Break?

Notes: The pair broke above the upper median-line parallel of an embedded pitchfork extending off the monthly highs yesterday with the advance holding just below near-term resistance at 1.1045/55. A breach higher targets the 2/8 low at 1.1085 backed by confluence resistance into 1.1116/20. A breach above this level is needed to validate a more meanigful advance targeting subsequent resistance objectives at 1.1165 & 1.1192.

Interim support rests at 1.10-handle backed by key support & bullish invalidation at 1.0954/64. A break below the December high-day reversal close at 1.0924 is needed to put the broader down-trend back in focus targeting the 2016 open at 1.0872 and the monthly open at 1.0830. A quarter of the daily average true range yields profit targets of 28-31pips per scalp. Caution is warranted heading into the close of the week with the second read on U.S. 4Q GDP

Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into February trade.

Relevant Data Releases

EUR/USD Battle Lines Drawn- U.S. GDP to Spur Range-Break?

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 Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.