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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
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
GBP/USD
Mixed
USD/JPY
Bearish
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
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/kgddX1ZHe4
  • I approve of this dry humor. https://t.co/b42GmIZDlL
Euro Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Euro Technical Analysis Overview: EURUSD, EURJPY, EURGBP

2019-04-26 07:01:00
Justin McQueen, Analyst
Share:

EUR Analysis and Talking Points

  • EURUSD | Outlook Increasingly Bearish Following Breakout
  • EURJPY | Testing Key Fibo Support
  • EURGBP | Weak Trend Suggests Broad Range Intact

See the DailyFXQ2 FX forecast to learn what will drive the currency throughout the quarter.

EURUSD | Outlook Increasingly Bearish Following Breakout

The outlook for the Euro has become increasingly bearish since the breakout of its multi-month range with little in the way of key support till the 1.1000 figure. Momentum indicators across the daily, weekly and monthly timeframes also lean to a bearish bias, which in turn suggests that the downside trend could be sustained. Eyes will be on for a weekly close below the 61.8% Fibonacci retracement to confirm increased bearish sentiment. Besides the 1.1000 handle, near term support at 1.1070 may temporarily stem declines, while notable support is situated at the 76.4% Fibonacci retracement. On the option front, investor demand for protection against Euro losses has surged (full story)

EURUSD PRICE CHART: Weekly Time Frame (Jul 2016 – Apr 2019)

Euro Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURJPY | Testing Key Fibo Support

With the sentiment around the Euro notably bearish in recent sessions, the currency has underperformed relative to safe currencies, one of which has been the Japanese Yen. The cross failed to hold consolidate above 126.00, while making a decisive move through trendline support, as such, the cross is now testing critical Fibo support at 124.16. A drop below however, opens a move towards 123.60-80. On the topside, a closing break above 125.40 would be needed to ease the bearish momentum.

EURJPY PRICE CHART: Daily Time Frame (Aug 2018Apr 2019)

Euro Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURGBP | Weak Trend Suggests Broad Range Intact

Given the softer outlook for both the Euro and GBP, the cross maintains its broad range with weak trend signals suggesting this is likely to remain the case in the short term. EURGBP has struggled ahead of 0.87 and as such looks to test support at the 23.6% Fib (0.8624) and 50DMA (0.8600). On the topside, the 100DMA sits at the 0.8700 figure, while the 38.2% Fib resides at 0.8718. A decisive move either side would be needed to give this cross a sense of direction, failure to do so sees EURGBP maintain its range since March 2019.

Euro Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.