EURUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
The breach above the 1.2880 threshold last week marks the euro correction we have been waiting for
Further topside advances remain as long the 1.29 support barrier is respected (near-confluence of the monthly pivot & 200-day moving average) on a daily close basis.
Note daily RSI has recently broken above 50 and leaves more upside for a tag of the 60-threshold
Key Resistance Range 1.3060/70 (3/18 gap) – Breach eyes objectives at 1.3113 and 1.3227.
Key Support 1.2890- Break targets 1.2750 and 1.2680
EURUSD Scalp Chart
Scalp Notes: Break below confluence at 1.2970 risks a run on key support at 1.289- Looking to buy weakness above this mark. Note that the R1 monthly pivot rests at 1.3040 and may offer some pushback before we continue higher.
*We will remain flexible with our bias with a break below 1.2890 eyeing subsequent support targets. It’s extremely important in these market conditions to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.
Key Threshold Grid: EURUSD
Entry/Exit Targets
Timeframe
Level
Significance
Resistance Target 1
30min
1.3035
50% Extension
Resistance Target 2
Daily
1.3060/70
61.8% / 38.2% Retrace
Topside Limit
30min
1.3113
38.2% Retracement
Break Target 1
30min
1.3160
Soft Res/ Pivot/ Sept High
Break Target 2
30min
1.3200
Big Figure
Break Target 3
Daily
1.3227
50% Retracement
Break Target 4
Daily
1.3278
R2 Monthly Pivot
Break Target 5
Daily
1.3340
61.8% Retracement
Support Target 1
30min
1.2970
23.6% Retrce/61.8% Ext
Support Target 2
30min
1.2926
38.2% Retracement
Bullish Invalidation
30min
1.2890
50%$ Retracement
Break Target 1
30min
1.2855
61.8% Retracement
Break Target 2
30min
1.2830
Soft Support
Break Target 3
30min
1.2805
78.6% Retracement
Average True Range
Daily
107
Profit Targets 25-27pips
For updates on this scalp and more setups attend Michael’s Scalp Webinars or follow him on Twitter @MBForex
—Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
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