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
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/40ScG8COhW
  • Will be discussing the Dow Jones and S&P 500 as retail trader signals hint bearish potential Starts in 30 minutes! https://t.co/CYP4r5v5oK
  • RT @FxWestwater: Australian Dollar Outlook: Inflationary Theme in Spotlight as $AUDUSD Sputters Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/05/11/Australian-Dollar-Outlook-Inflationary-Theme-in-Spotlight-as-AUDUSD-Sputters.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co…
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here: https://t.co/mwYyGmK1Gf https://t.co/mvc5ajVaCh
  • 🇰🇷 Unemployment Rate (APR) Actual: 3.7% Previous: 3.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • All 9 Dow Jones sectors ended lower, with 90% of the index’s constituents closing in the red. Energy (-2.62%), financials (-2.43%) and consumer discretionary (-1.82%) were among the worst performers, while materials (-0.23%) registered small losses. https://t.co/4jHdCZ1NuL
  • RT @ZabelinDimitri: What could go wrong?! https://t.co/c6CLYsCN1d
  • Heads Up:🇰🇷 Unemployment Rate (APR) due at 23:00 GMT (15min) Previous: 3.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • (Tech Special) British Pound Analysis: GBP/USD, EUR/GBP. GBP/JPY in Focus After Sterling’s Jump $GBPUSD $EURGBP $GBPJPY #GBP #Sterling https://www.dailyfx.com/forex/technical/article/special_report/2021/05/11/British-Pound-Analysis-GBPUSD-EURGBP-GBPJPY-in-Focus-After-Sterlings-Jump.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HkYBanDOXd
  • The British Pound gained aggressively, placing the focus on levels that may send GBP/USD and GBP/JPY lower, with EUR/GBP still open to a turn higher. Will Sterling’s advance continue? Get your $GBP market update from @ddubrovskyFX here:https://t.co/PHoCHVc20M https://t.co/IBKnW68wv2
EURUSD: Waiting for the Dip & Rip- Key Resistance at 1.1400

EURUSD: Waiting for the Dip & Rip- Key Resistance at 1.1400

Michael Boutros, Strategist
  • EURUSD immediate long-bias vulnerable sub-1.1347
  • Updated targets & invalidation levels

EURUSD Daily

EURUSD: Waiting for the Dip & Rip- Key Resistance at 1.1400

Chart Created Using TradingView

Broader Technical Outlook: We’ve been tracking this slope off the lows since the start of the month with the pair reversing off the median-line into the close of last week. The 61.8% retracement of the decline off the yearly high and a basic trendline off the December & March lows further highlights the risk for a near-term pullback while below 1.1347.

Interim support rests with the weekly low at 1.1271 backed by key support & bullish invalidation at 1.1227/31- An area of interest for possible exhaustion / long-entries. A breach of the highs targets subsequent resistance objectives at 1.1396 & the June high at 1.1428.

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

EURUSD 120min

EURUSD: Waiting for the Dip & Rip- Key Resistance at 1.1400

Notes: The weekly opening range is taking shape just below last week’s high with momentum starting to hold 60-resistance (near-term bearish). Look for initial support at the weekly open at 1.1307 backed by the low at 1.1271. Remember, ultimately the trend remains higher while above the lower median-line parallel– which coverges on the Fibonacci confluence at 1.1227/31.

Topside resistance targets at 1.1366 and back at the median-line / 1.1400. A third of the daily average true range (ATR) yields profit targets of 24 pips per scalp. Event risk is rather limited from Europe with U.S. Durable Goods Orders, the second revision on 2Q GDP and Fed Chair Janet Yellen’s speech at Jackson. 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

EURUSD: Waiting for the Dip & Rip- Key Resistance at 1.1400

Other Setups in Play:

Looking for trade ideas? Review DailyFX’s 2016 3Q Projections

---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