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
EUR/USD
Mixed
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 🇨🇳 FDI (YTD) YoY (JUL) Actual: 0.5% Previous: -1.3% https://www.dailyfx.com/economic-calendar#2020-08-13
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/6b3JtrSQnP
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/4hIQtGPL0N
  • Gold Prices May Resume Selloff After Digesting Largest Drop in 7 Years - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/08/13/Gold-Prices-May-Resume-Selloff-After-Digesting-Largest-Drop-in-7-Years.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold https://t.co/aWOvE1KJXc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.83%, while traders in US 500 are at opposite extremes with 77.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EQ77jevtaX
  • Heads Up:🇫🇷 IEA Oil Market Report due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-13
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/QPW1os7wbE
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.98% Gold: 0.60% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gDZGfvBOHv
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.22% 🇬🇧GBP: 0.21% 🇦🇺AUD: -0.01% 🇨🇦CAD: -0.03% 🇳🇿NZD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9IwXKOUieT
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.16% US 500: -0.17% Germany 30: -0.24% France 40: -0.50% FTSE 100: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MtMyrT3zZY
EUR/USD Rate Continues to Eyes June High with Fed Testimony on Tap

EUR/USD Rate Continues to Eyes June High with Fed Testimony on Tap

2018-07-16 22:05:00
David Song, Strategist
Share:

EUR/USD appears to making another run at the June-high (1.1852) as it snaps the string of lower highs & lows from the previous week, but fresh comments from Federal Reserve Chairman Jerome Powell may tame the recent rebound in the euro-dollar exchange rate should the central bank head strike a hawkish tone in front of Congress.

Chairman Powell is likely to reiterate that the U.S. economy is in a ‘good place’ as the Federal Open Market Committee (FOMC) embarks on its hiking-cycle, and the central bank head may prepare U.S. lawmakers for a less accommodative stance as ‘gradually returning interest rates to a more normal level as the economy strengthens is the best way the Fed can help sustain an environment in which American households and businesses can thrive.’

Image of Fed Fund Futures

In turn, a batch of hawkish comments may sway the near-term outlook for the EUR/USD, with the dollar at risk of exhibiting a more bullish behavior as Fed Fund Futures now reflect growing bets for four rate-hikes in 2018. However, the threat of a trade war with China may push Governor Powell to strike a cautious tone as ‘most participants noted that uncertainty and risks associated with trade policy had intensified and were concerned that such uncertainty and risks eventually could have negative effects on business sentiment and investment spending,’ and a less-hawkish testimony from the central bank head may produce headwinds for the greenback as market participants scale back bets for a more aggressive hiking-cycle. Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!

EUR/USD Daily Chart

Image of EURUSD daily chart

EUR/USD appears to be stuck in a near-term range as the 1.1510 (38.2% expansion) offers support, but recent price action raises the risk for a more meaningful run at the June-high (1.1852) as it snaps the bearish sequence from the previous week. Need a close above the 1.1810 (61.8% retracement) region to favor a larger recovery, with the next area of interest coming in around 1.1960 (38.2% retracement) to 1.1970 (23.6% expansion). Will retain a constructive view for EUR/USD as the Relative Strength Index (RSI) continues to track the upward trend carried over from the previous month, but a break of trendline support may warn of range-bound conditions as the bullish momentum unravels.

For more in-depth analysis, check out the Q3 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

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.