(MENAFN - DailyFX) Technical trade setups we're tracking into the start of the week Check out our New 2019 projections in our Free DailyFX USD Trading Forecasts Live Weekly Trading Webinars on Mondays on DailyFX at 8:30ET New to Forex Trading? Get started with this Free Beginners Guide
Euro Testing Make-or-Break Support
We've been discussing a key support zone at the 1.13-handle in EUR/USD for the past few months and price is testing this critical zone at the January lows to start the week. The focus is on a reaction off this zone with the immediate short-bias at risk while above. In this webinar we review updated technical setups on DXY , EUR/USD , USD/JPY , USD/CAD , Gold , Crude Oil (WTI) , USD/CHF , EUR/AUD , GBP/AUD , and AUD/USD .
Why does the average trader lose? Avoid these Mistakes in your trading
Key Levels in Focus DXY Rally testing January highs at 96.96 subsequent resistance at 97.20 and the December high-day close at 97.42 (both levels of interest for exhaustion IF reached). Interim support 96.45 with bullish invalidation at 96.26.
EUR/USD Focus is on a critical support zone at 1.1290-1.13. Looking for a definitive reaction off this region with a break / close below needed to keep the short-bias viable. Near-term bearish invalidation at 1.1375. A break lower targets 1.1233.
Gold Rally remains at risk near-term sub-1321. Interim support 1302 backed by 1295. Topside breach targets 1342 & the 2018 HDC at 1348.
Crude Oil Near-term focus is lower sub-53 with bearish invalidation at 53.80. Initial support targets at 51.40 and 50.61.
For a complete breakdown of Michael's trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy
Key Event Risk This Week Economic Calendar - latest economic developments and upcoming event risk
Active Trade Setups: Gold Price Technical Outlook: XAU/USD to Threaten Deeper Correction Canadian Dollar Price Outlook: USD/CAD Testing Key Trend Support EUR/USD Price Outlook: Euro Fails at 1.15 - Levels to Know for NFP Learn how to Trade with Confidence in our Free Trading Guide
---Written by Michael Boutros , Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex