FX Markets Brace for Yellen - Ethereum Breakout Accelerates
- Review of current / active setups into the weekly open
- Review the Foundations of Technical Analysis mini-series
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Price action hasn’t been all that inspiring lately but it’s a good time to have your levels all mapped out for when volatility returns. The DXY is heading into near-term support to open the week and likewise we’ll be watching EURUSD.
Cryptocurrencies continue be of interest at these levels with a breakout in Ethereum prices keeping our focus. Initial resistance targets are eyed at 347/50 where the 78.6% retracement of the June decline converges on up-slope resistance. Initial support now 314.
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Highlighting this week’s event risk will be the annual Jackson Hole Economic Symposium with European Central Bank (ECB) President Mario Draghi & Federal Reserve Chair Janet Yellen slated for commentary late in the week.
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Key Data Releases
Other Setups in Play:
- Are Gold Prices on the Verge of Fresh Yearly High?
- AUD/USD Bull-Flag Breakout in the Works
- GBP/USD Prices Testing Support- Risk for Further Losses Remains
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---Written by Michael Boutros, Currency Strategist with DailyFX