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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.17% 🇪🇺EUR: -0.23% 🇦🇺AUD: -0.57% 🇨🇭CHF: -0.58% 🇳🇿NZD: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/G9uMr6mSZg
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.17% Gold: -1.41% Silver: -2.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fWiTAhHE5X
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.99%, while traders in Germany 30 are at opposite extremes with 65.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jxZYSBpAt4
  • Article and webinar recording can be found here - https://www.dailyfx.com/forex/market_alert/2021/03/03/Dow-Jones--Nasdaq-100-Forecasts-for-the-Week-Ahead.html?ref-author=phanks&QPID=917701&CHID=9
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.01% US 500: -0.01% FTSE 100: -0.42% Germany 30: -0.43% France 40: -0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hHbUxemSVz
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmIoVZv https://t.co/MR33o8KmJM
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/NNR3IO1gZ7
  • $NDX extends intraday losses as fears over rising yields continue to haunt high-flying equities https://t.co/RswgSX3Rk6
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.16% Gold: -1.47% Silver: -2.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GVZ4EpYejd
  • This smells like a head-and-shoulders pattern from the Nasdaq 100 ($NDX) but we don't see the same picture from the S&P 500, Dow or Russell 2000 https://t.co/GekQLeiCEg
EUR/USD Approaching Initial Support- Levels to Watch for NFPs

EUR/USD Approaching Initial Support- Levels to Watch for NFPs

Michael Boutros, Strategist

Talking Points

  • EURUSD reversal approaching initial support targets
  • Move lower to offer long-entries
  • Updated targets & invalidation levels

EURUSD Daily

EUR/USD Approaching Initial Support- Levels to Watch for NFPs

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: Euro reversed off a major resistance confluence early this week at 1.1589-1.1614. This level is defined by the 1.618% extension of the advance off the December low, the August high-day close, a pivot-line extending off the March 2015 low and a basic median-line extending off the 2016 low. The subsequent reversal is coming into near-term support ahead of tomorrow’s U.S. Non-Farm Employment report and a rebound could offer favorable entries for a push lower in the pair.

Initial resistance stands at 1.1443/56 backed by the August reversal-day close at 1.1512 (near-term bearish invalidation). Interim support rests with the October reversal-day close at 1.1385 backed by the February high-day close at 1.1320. Ultimately we would be looking for long entries on a move back towards the lower median-line parallel extending off the March low.

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

EURUSD 30min

EUR/USD Approaching Initial Support- Levels to Watch for NFPs

Notes: The pair is been tradaing wihtin the confines of a near-term descending channel formation off the highs with the decline appraching initial support at 1.1382/85 backed closely by more significant support at 1.1356/67. I would be expecting some kickback from one of these levels heading into the release with the immediate downside bias in-play while below the May high-day close at 1.1443.

A break lower eyes subsequent support objectives at 1.1309/20 backed by the the 1.618% extneison at 1.1291. Added caution is warranted heading into the NFP release with the event likely to fuel increased volatility in the USD crosses. A quarter of the daily average true range (ATR) yields profit targets of 21-25 pips per scalp. 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 the tomorrow’s key event risk.

Looking for trade ideas? Review DailyFX’s 2016 2Q Projections!

Relevant Data Releases

EUR/USD Approaching Initial Support- Levels to Watch for NFPs

Other Setups in Play:

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

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

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

DISCLOSURES