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
Wall Street
Mixed
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
  • - It is the end date which signals that the conditions for an increase in policy rates are getting closer, the precise sequencing and timing will, of course, require careful guidance when the time has come $EUR
  • ECB's Schnabel - As the inflation outlook brightens, it becomes less important how much a central bank buys or when a reduction in pace of net asset purchases states, but rather when such purchases end $EUR
  • Join @CVecchioFX at 7:30 EST/11:30 GMT for a webinar on developing a strategy for major event risk. Register here: https://t.co/D8DAmLpkuS https://t.co/mIuN0EGhBY
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/odzyc8Qi8Y
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/eaA8ZI6DVu
  • Chinese property development company Sinic Holdings (2103) - Down 87%...@DailyFXTeam #contagion #Evergrande https://t.co/h5mfwqGASZ
  • 🇪🇸 Balance of Trade (JUL) Actual: €-1.60B Previous: €-0.98B https://www.dailyfx.com/economic-calendar#2021-09-20
  • Heads Up:🇪🇸 Balance of Trade (JUL) due at 08:00 GMT (15min) Previous: €-0.98B https://www.dailyfx.com/economic-calendar#2021-09-20
  • Fitch on China Property Developers - View will turn negative if sales in H2 21 fall below that achieved in H2 19 and/or if sharp fall follows through to H1 22 - Government policies in sector remain tight and show no sign of imminent loosening
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/B0Y3XJhkRS
EUR/USD Planning For The Next Breakout

EUR/USD Planning For The Next Breakout

Walker England, Forex Trading Instructor

Market Condition: EUR/USD Pending Breakout

Target 1:______2X ATR at 1.1154

Target 2:______4X ATR at 1.1284

EUR/USD Daily Chart with Averages & ATR

EUR/USD Planning For The Next Breakout

(Created Using IG Charts)

The EUR/USD has retraced off of its yearly highs, which were put in place in early trading at the conclusion of the 2017 French presidential election. As seen on the daily graph above, this retracement may allow traders to plan for the EUR/USD’s next bullish breakout above the high at 1.1024. Daily ATR (average true range) for the EUR/USD reads at 65 pips. This value may be used to manage risk and set initial profits targets for any new market breakouts. If the EUR/USD breaks higher above 1.1024, traders may elect to use a 2X ATR extension to find initial profit targets near 1.1154. Using a potential 4X ATR profit target places an extended potential take profit level near 1.1284.

Traders may also consider using ATR to manage risk. A 1X ATR stop loss may be considered at 1.0959 to create an initial 1:2 risk/reward ratio. In the event that the EUR/USD fails to breakout higher, traders should look for the pair to decline back below its 10 day EMA (exponential moving average) at 1.0930. A move below this price would suggest a temporary reversal in market momentum, at which point traders may elect to look for other breakout opportunities.

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES