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
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
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/otJwnuR7qe
  • 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/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/9B4rJnzWuz https://t.co/ENF3xlkuyP
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
The Building Blocks of Trend Analysis

The Building Blocks of Trend Analysis

Walker England, Trading Instructor,

June has seen the continuation of some long term established trends. Today we will specifically exploring Euro weakness, with trending opportunities on both the EURGBP and EURUSD, by applying our building blocks of trend development. By dividing our chart into segmented blocks, we will look to find momentum and the trend on the 30minute charts. By spotting past momentum, we can then focus on the strongest trending pairs for creating fresh short term trading opportunities for the remainder of the week.

EURGBP

The Euro has displayed weakness across a variety of pairs. As discussed in the yesterdays edition of Chart Of The Day, the EURGBP has declined 1133 pips over the last 12 trading months. More importantly the pair is also declining on a short term basis. The pair has decliend as much as 116 pips from its Block 1 high at .8101. This move culminated in a fresh low created in Block 2 at .7985. This weeks price action opened lower but price has since moderately retraced printing a lower high in place at 1.0325. Traders are watching todays price action specifically to see if our trend can continue to create new lows. If price breaks above .8039, the Block 2 high, this may send a message that our downtrend is at least temporarily on pause

The_Building_Blocks_of_Trend_Analysis_06.27_body_Picture_2.png, The Building Blocks of Trend Analysis

EURUSD

Of all the Euro currency pairs none is more scrutinized than the EURUSD. With price previously driving downward, the pair has declined as much as 302 pips through Block 1 and 2. Not pausing, current price has continued its decline reaching a fresh daily low today at 1.2433.With strong momentum to the downside, short term preferences should be given to the creation lower lows. Traders may look for swings higher , under the Block 2 high at 1.254 as an opportunity to reestablish fresh sell positions.

The_Building_Blocks_of_Trend_Analysis_06.27_body_Picture_1.png, The Building Blocks of Trend Analysis

Using the analysis above, my preference is to continue to find opportunities to sell the EURGBP and EURUSD into resumed momentum lower. Breakout traders can utilize entry orders on the EURGBP below current support at .7985. Short term traders may give bias to the strength of momentum on the EURUSD and continue to scalp the pair towards lower lows.

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com . Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to instructor@dailyfx.com .

DailyFX providesforex newson the economic reports and political events that influence the currency market. Learncurrency tradingwith a free practice account and charts from FXCM.

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

DISCLOSURES