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Euro to Fresh Yearly Lows – More to go?

The US Dollar Index is testing fresh yearly highs early in the week but the index is pressing up against structural resistance. Likewise, Euro’s drop to fresh yearly lows puts EUR/USD just above confluence support at 1.1239- the focus is on a reaction off these levels. A review of the commodity bloc also points out critical inflections zones on Gold and Crude Oil to start the week- here are the targets and invalidation levels that matter.

Key Levels in Focus

DXY – Break to fresh yearly highs has price testing structural resistance- Key support 96.13. A topside breach targets 97.87

EUR/USD – Looking for exhaustion at the 1.1239 support zone. Daily close above 1.1432 needed to suggest a more significant low is in place. A break lower this week exposes 1.1164/86.

AUD/USD – Looking for support at 7191 & 7160 for entries. Key resistance still 7327/36

Gold – Approaching critical support confluence at 1200/02 (near-term bullish invalidation). A breach above 1215 needed to alleviate downside pressure.

Why does the average trader lose? Avoid these Mistakes in your trading

Highlighting the economic calendar this week will be GDP releases from Japan & the Eurozone and inflation data out of the UK & the US. In this webinar we review updated technical setups on TNX (10yr yields), DXY, EUR/USD, AUD/USD, Gold, USD/CAD, USD/JPY, GBP/USD, GBP/JPY and Crude Oil (WTI).

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy – Next Episode on Friday 11/16 at 10:30am ET

Key Event Risk This Week

Economic Calendar

Economic Calendar latest economic developments and upcoming event risk

Active Trade Setups in Play:

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

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com