News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Technical Levels: #Dollar, #Loonie, #Aussie, #Gold, #Silver, #Oil, #Bitcoin and more! (Webinar Archive) - https://t.co/lQIS4EvFkh
  • Russian mainline gas pipeline has exploded in the Perm region - BBG #OOTT #Oil $CL_F
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.10%, while traders in Wall Street are at opposite extremes with 75.09%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dpAetV8XEY
  • Pfizer, Moderna to expand vaccine studies to children aged 5-11 - BBG $PFE $MRNA
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.25% Gold: -0.18% Oil - US Crude: -0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rLDtKWOz9b
  • There is a creep of uncertainty with the rise of the Delita variant and the slowing of the economic recovery. Our DFX analysts give you an updated analysis of the top opportunities for Q3 Right pointing backhand indexhttps://bit.ly/3iMvB6R https://t.co/g76CqYNXth
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.61% 🇨🇭CHF: 0.43% 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.22% 🇨🇦CAD: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/T1b1TurlS1
  • There is a creep on uncertainty with the rise of the Delita variant and the slowing of the economic recovery. Our DFX analysts give you an updated analysis of the top opportunities for Q3 👉https://t.co/wEineMCbzt https://t.co/WN7FCc05kD
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.18% France 40: 0.12% Wall Street: 0.06% FTSE 100: 0.06% Germany 30: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bk2Kev7Pcr
  • The price of gold consolidates ahead of the Federal Reserve interest rate decision on July 28 as the central bank is expected to retain the current policy. Get your $XAUUSD market update from @DavidJSong here:https://t.co/w5te9nqWSS https://t.co/byi01PAjlS
EUR/USD Rate Outlook Mired by ECB’s Zero Interest Rate Policy (ZIRP)

EUR/USD Rate Outlook Mired by ECB’s Zero Interest Rate Policy (ZIRP)

David Song, Strategist

EUR/USD snaps the range from earlier this week even as the European Central Bank (ECB) unveils a more detailed exit strategy, and euro-dollar stands at risk for further losses as the Governing Council remains in no rush to normalize monetary policy.

Even though the ECB plans to narrow the asset-purchase program to EUR15B/month starting in October, the recent comments suggest the central bank will resist calls to remove the zero interest rate policy (ZIRP) as ‘the current ample degree of monetary accommodation that will ensure the continued sustained convergence of inflation towards levels that are below, but close to, 2% over the medium term.’ It seems as though President Mario Draghi and Co. will refrain from implementing higher borrowing-costs ‘at least through the summer of 2019’ as the ECB struggles to achieve its one and only mandate for price stability, and the dovish outlook for monetary policy may continue to drag on EUR/USD especially as the Federal Open Market Committee (FOMC) appears to be on course to implement four rate-hikes this year,

The reaction to the ECB meeting has largely wiped out the advance from the May-low (1.1510), with the break of the recent range raising the risk for a further decline in EUR/USD especially as the Relative Strength Index (RSI) flashes a false signal and largely tracks the bearish formation from earlier this year. Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!

EUR/USD Daily Chart

EUR/USD Rate Outlook Mired by ECB’s Zero Interest Rate Policy (ZIRP)

Failure to retain the monthly opening range raises the risk for a further decline in EUR/USD especially as the pair initiates a fresh series of lower highs & lows. Break of the May-low (1.1510) opens up 1.1390 (61.8% retracement), with the next region of interest coming in around 1.1210 (61.8% retracement) to 1.1220 (78.6% retracement).

For more in-depth analysis, check out the Q2 Forecast for the Euro

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES