Talking Points
EURUSD Daily
[img class=gsstx img-responsive src=https://media.dailyfx.com/illustrations/2015/07/15/Forex-Key-EURUSD-Levels-to-Know-Ahead-of-the-ECB-US-CPI_body_Picture_3.png]Chart Created Using
FXCM Marketscope 2.0Technical Outlook
- EURUSD testing confluence support into 1.0950- shorts at risk near-term above
- Break below targets key support range at 1.0818/45
- Resistance at 1.1055/65 backed by 1.1140 (monthly open)
- Daily RSI holding above 40- constructive
- Pending momentum resistance trigger in play
- Event Risk Ahead: ECB tomorrow morning and U.S. Consumer Price Index (CPI) on Friday
EURUSD 30min
[img class=gsstx img-responsive src=https://media.dailyfx.com/illustrations/2015/07/15/Forex-Key-EURUSD-Levels-to-Know-Ahead-of-the-ECB-US-CPI_body_Picture_2.png]Notes: EURUSD is trading into confluence support ahead of tomorrow’s rate decision with the short-side at risk near-term while above this region. Interim resistance stands at 1.0985 backed by the upper MLP with a breach above 1.1055/65 needed validate a near-term reversal in the pair (bearish invalidation).A break lower targets the monthly low at 1.0915 backed by 1.0888 and the key 1.0819/45 support zone (check daily). A quarter of the daily average true range yields profit targets of 33-35pips per scalp. Caution is warranted heading into significant event risk later this week with the ECB & US inflation data likely to fuel added volatility in dollar &
euro based pairs.
