EURUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
Initial objective cited in last week’s report has now been achieved at 1.3113
Today’s breach puts our secondary objective in view at 1.3227 (50% retracement)
So far- today’s advance is the largest since January 10th (onset of the Jan advance)
Note that daily RSI now looks to breach above 60-threshold (bullish if achieved on close basis)
Only break below 1.3113 invalidates near-term bias- Break below 1.3035 offers further conviction on shorts
Breach above key resistance at 1.3227 eyes objectives at 1.33 and 1.3340
EURUSD Scalp Chart
Scalp Notes: Bottom Line: 1.3227 is Paramount- Topside break on a close basis risks further advances into our resistance targets. The RSI signature since the Sunday open has turned bullish with only a break below 40-threshold suggesting that the recent rally may have run its course. Watch for contentious price action as we head into the 1.3217-1.3226 range – 1.3226 representing the 50% retracement of the decline off the February highs.
*We will remain flexible with our bias with a break back below 1.3113 eyeing subsequent support targets. It’s extremely important 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. Use this app to distinguish the various trade sessions.
Key Threshold Grid
Entry/Exit Targets
Timeframe
Level
Significance
Bearish Invalidation
30min / Daily
1.3217 / 1.3226
50% Ext / 50% Retrace
Break Target 1
30min
1.3263
61.8% Fib Ext
Break Target 2
Daily
1.3300
Big Figure
Break Target 3
30min
1.3320
76.4% Fib Ext
Break Target 4
Daily
1.3340
61.8% Fib Retracement
Break Target 5
30min
1.3370
Soft Resistance / Pivot
Break Target 6
30min
1.3410
100% Fib Ext
Support Target 1
30min
1.3170
38.2% Fib Ext
Support Target 2
30min
1.3140
Soft Support / Pivot
Bullish Invalidation
Daily/30min
1.3113
38.2% Retrce/23.6% Ext
Break Target 1
Daily
1.3060 / 1.3070
61.8% & 38.2% Retrace
Break Target 2
30min
1.3035
Pivot / 50% Ext
Break Target 3
30min
1.3000
Big Figure
Break Target 4
30min
1.2970
61.8% Fib Ext
Break Target 5
30min
1.2935
Soft Support / Pivot
Average True Range
Daily
101
Profit Targets 23-25pips
For updates on this scalp and more setups attend Michael’s Scalp Webinars or follow him on Twitter @MBForex
Reviews today’s Scalp Webinar for further insights and current trade setups
—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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Source: Daily fx