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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
EUR/USD: Breach of Weekly High to Fuel Reversal From Monthly Open

EUR/USD: Breach of Weekly High to Fuel Reversal From Monthly Open

Michael Boutros, Strategist
  • EUR/USD Rebounds off critical support- constructive above 1.1128
  • Updated targets & invalidation levels


EUR/USD: Breach of Weekly High to Fuel Reversal From Monthly Open

Chart prepared by Michael Boutros

Broader Technical Outlook: Earlier this week I highlighted key support & bullish invalidation at 1.1129 where the June open converges on the slope support extending off the March 2nd low. The post FOMC sell-off has rebounded right off this mark and keeps the trade constructive while above this threshold. A breach / close above the weekly opening-range high / median-line (blue) is needed to validate the reversal higher with such a scenario targeting the 1.1418/43 zone.

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: Breach of Weekly High to Fuel Reversal From Monthly Open

Notes: EURUSD is trading within the confines of a well-defined descending channel formation off the monthly high with the pair rebounding sharply today in U.S. trade off confluence channel support. I’ve closed out 3/4 of the long position here at near-term resistance at 1.1239/45 with stops now at breakeven. We’ve been tracking this trade on SB Trade Desk all month long and from here we’ll be looking for pullbacks to offer more favorable long entries while above 1.1128.

Topside objectives are eyed at 1.1272 with a breach above 1.1306 needed to keep the immediate long-bias in play. Subsequent resistance targets at 1.1347 and the October high-day reversal close at 1.1385. A quarter of the daily average true range (ATR) yields profit targets of 20-24 pips per scalp. The economic docket is rather light heading into the close of the week with market focus shifting to next week’s critical U.K. referendum. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases

EUR/USD: Breach of Weekly High to Fuel Reversal From Monthly Open

Other Setups in Play:

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

---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)

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