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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:
  • USD/MXN has continued to rip in 2021, flying in the face of the bearish trend from 2020. Get your $USDMXN market update from @JStanleyFX here:
  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.37%, while traders in Germany 30 are at opposite extremes with 81.20%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: -0.10% Gold: -1.18% Oil - US Crude: -1.45% View the performance of all markets via
  • Lord Frost accuses the EU of ‘ill will’ as Brexit row rumbles on. @bankofengland governor Andrew Bailey gives his latest thoughts on the economy. Get your market update from @nickcawley1 here:
US Dollar Price Outlook: EUR/USD Breaks Downtrend, Can it Rally?

US Dollar Price Outlook: EUR/USD Breaks Downtrend, Can it Rally?

Peter Hanks, Strategist

EUR/USD Price Outlook:

  • The EUR/USD fundamental landscape stands relatively unchanged despite recent losses
  • Technicals hint the pair may push higher in the days ahead after a recent downtrend was broken
  • IG client sentiment reveals retail traders are net-short EUR/USD, which may suggest the pair will climb higher
Top Trading Opportunities in 2021
Top Trading Opportunities in 2021
Recommended by Peter Hanks
Get Your Free Top Trading Opportunities Forecast
Get My Guide

US Dollar Price Outlook: EUR/USD Breaks Downtrend, Can it Rally?

The US Dollar enjoyed a bout of strength to begin the year as EUR/USD endured a pullback toward support. While the brief reversal in price was hard to deny, it can be argued there were few changes in the underlying fundamental landscape to drive such a move. To be sure, a decline in risk appetite and damaged sentiment likely played a role as investors piled into the safety of the Greenback, but with sentiment repaired USD could face renewed pressure.

Top 8 Forex Trading Strategies and their Pros and Cons

Further still, the technical EUR/USD landscape looks encouraging. While recent weakness may have spooked some bulls, it might be viewed as mere consolidation before a continuation higher by others. To that end, the series of higher-highs and higher-lows dating back to March remains intact and EUR/USD trades above a plethora of longer-term moving averages.

EUR/USD Price Chart: Weekly Time Frame (February 2018 – February 2021)

eurusd weekly price chart outlook

Much of the same can be seen on the daily chart. Trading narrowly beneath the 50-day moving average, gold’s recent breakout of the descending channel may allow it to take aim at overhead resistance. An imminent MACD crossover beneath the 0 line with price above the 200 exponential moving average lends further bullish evidence.

EUR/USD Price Chart: 4 – Hour Time Frame (January 2020 – February 2021)

eurusd daily price chart forecast

Initial areas of interest might reside at the January 2021 high near 1.2349 followed by resistance slightly higher around 1.2400. Northward still resides a series of horizontal trendlines that may look to keep price contained so trimming exposure at – or before - these levels might be prudent.

Conversely, the area slightly beneath 1.2000 might serve as an invalidation zone that if price were to breach before pushing higher, could undermine the shorter-term trade setup altogether. Another risk is continued consolidation around the 50-day simple moving average.

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 10% 18% 14%
Weekly 4% -4% 0%
What does it mean for price action?
Get My Guide

That said, EUR/USD appears tilted to the topside and IG client sentiment data reveals retail traders remain net-short the currency pair. Since we typically take a contrarian view to crowd sentiment, retail positioning might suggest EUR/USD will climb higher in the days ahead. Follow @PeterHanksFX on Twitter for updates on this pair.

--Written by Peter Hanks, Strategist for

Contact and follow Peter on Twitter @PeterHanksFX

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