EURUSD Clears 1.3113 Target- Scalps Target 1.3227 Objective

DailyFX

EURUSD Daily Chart

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Forex_EURUSD_Clears_1.3113_Target_Scalps_Target_1.3227_Objective_body_Picture_2.png, EURUSD Clears 1.3113 Target- Scalps Target 1.3227 Objective

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

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Forex_EURUSD_Clears_1.3113_Target_Scalps_Target_1.3227_Objective_body_Picture_1.png, EURUSD Clears 1.3113 Target- Scalps Target 1.3227 Objective

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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