Notes: Looking for the weekly/March opening range to offer further evidence that a more meaningful turn is materializing off of the 1.3767 resistance target highlighted in yesterday's EURUSD scalp report. Use caution heading into the ECB rate decision on Thursday with the event likely to offer further clarity on our near-term directional bias.
Notes: 1.6722/54 represents a significant region of resistance and is defined by multiple longer-term key Fibonacci levels and the 2011 high. The pair has continued to respect this barrier on a close basis with the high close coming in exactly at 1.6742. We'll be looking for the weekly/monthly opening ranges to form below this threshold with a break of said range likely to offer further guidance on a near-term bias heading into March trade.
Notes: The USDCAD scalp setup highlighted earlier this month has been in play with the first two primary objectives having been achieved. A breach/close above 1.1157 is critical to maintain our near-term topside bias and again we will look for the March opening range for conviction here. Failure to do so and a shift below this week's low suggests more meaningful correction off the December high may still be in play. Look to the BoC rate decision on Wednesday with the Canadian employment report coinciding with NFPs on Friday.
Notes: The 8850/88 support range is a key barrier we've noted since December as being a major inflection point for the USDCHF. Failure to close below this threshold puts the bearish bias at risk and the immediate focus is now weighted to the topside against this threshold. I've wanted to be on the long-side of this trade for some time now, but we just haven't gotten the validation needed to fight this downtrend. That said, we'll respect the March opening range while noting the risk of substantial losses with a break/close below 8850.
Other Setups in Play: