Never miss a story from Michael Boutros

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Michael Boutros

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

  • 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)