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.

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
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.16% Silver: -0.77% Oil - US Crude: -3.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XULtt1P1l4
  • German Chancellor Merkel planning lockdown light to tackle coronavirus pandemic, new measures will be discussed on Wednesday - Bild
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Sep 25, 2020 when Wall Street traded near 27,144.50. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/yhrpxHjQ1s
  • GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since Oct 16, 2020 when GBP/USD traded near 1.29. A contrarian view of crowd sentiment points to GBP/USD weakness. https://www.dailyfx.com/sentiment https://t.co/EBBamVdMBe
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: -0.05% 🇯🇵JPY: -0.13% 🇬🇧GBP: -0.19% 🇨🇭CHF: -0.30% 🇪🇺EUR: -0.32% 🇨🇦CAD: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sOlDluFcOi
  • Technical Trade Levels: #Dollar, $EURUSD, $GBPUSD, $AUDUSD & #Gold - Webinar Archive - https://t.co/5wRXsnHrDh
  • Hey traders! Begin your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/q8XowuWi5V
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.81% France 40: -1.57% US 500: -2.06% Wall Street: -2.58% Germany 30: -3.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vJIyY1cNs4
  • https://t.co/L0O54x0AhV
  • Update on #Cryptocurrencies #BITCOIN -0.03% #BITCOINCASH -3.33% #ETHEREUM -3.06% #RIPPLE -1.60% #LITECOIN -5.44%
Euro & Pound Outlook: EURUSD, GBPUSD Charts to Watch

Euro & Pound Outlook: EURUSD, GBPUSD Charts to Watch

2019-08-08 11:56:00
Paul Robinson, Strategist
Share:

The Euro recently found significant support off an underside trend-line dating back a year-ago (best seen on weekly chart). This helped blow some life into it as of Friday, but that upward momentum is stalling with a pair of semi-bearish reversal candles.

While EURUSD could turn down from here, a more optimal point of entry for shorts could come on a bit more strength as a couple of trend-lines run lower from last year. These lines also run near the 200-day, making the 11300/50 a potentially optimal spot from a risk/reward perspective to look for another swing lower to develop.

Trading Forecasts and Educational Guides for traders of all experience levels can be found on the DailyFX Trading Guides page.

EURUSD Weekly Chart (bottom/top-side lines)

Euro & Pound Outlook: EURUSD, GBPUSD Charts to Watch

EURUSD Chart by Tradingview

EURUSD Daily Chart (200-day, weak tone/trend)

Euro & Pound Outlook: EURUSD, GBPUSD Charts to Watch

EURUSD Chart by Tradingview

GBPUSD is forming a short-term pattern (4-hr chart), but watch out for longer-term support should the triangle formation trigger. There is still room to go before the bottom of the support zone is met at the October 2016 flash-crash low of 11905, but buyers could certainly show up sooner. However, this doesn’t mean a good trade can’t be had before, the key will be watching price action and signs of buyers coming in after a bearish break, if indeed a bearish break unfolds.

Symmetrical triangles can break to the top-side, in which case the pent-up pressure at support might help give it a lift should the top-side line of the pattern is breached. The bottom line is, wait for a break of the pattern before running with a trading bias.

GBPUSD Daily Chart (Long-term support down to 11905)

Euro & Pound Outlook: EURUSD, GBPUSD Charts to Watch

GBPUSD Chart by Tradingview

GBPUSD 4-hr Chart (Triangle nearing trigger point)

Euro & Pound Outlook: EURUSD, GBPUSD Charts to Watch

GBPUSD Chart by Tradingview

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held at 930 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES