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
Subscribe
Please try again
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
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
USD/JPY
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
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/E8nwHmBwE6
  • Missed the weekly outlook webinar today? See the recording here: https://t.co/7vz7cXUZfJ #Dollar #stimulus #stocks #gold
  • 🇨🇭 Unemployment Rate (FEB) Actual: 3.6% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • USD/HKD edged higher as stock market melted down.. Capital outflow? https://t.co/isRXrgVIlv
  • Heads Up:🇨🇭 Unemployment Rate (FEB) due at 06:45 GMT (15min) Previous: 3.7% https://www.dailyfx.com/economic-calendar#2021-03-08
  • 🇯🇵 Eco Watchers Survey Outlook (FEB) Actual: 51.3 Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Gold, Crude Oil Price Forecast: Edging Higher on the Back of Stimulus, Saudi Oil Facility Attack https://www.dailyfx.com/forex/market_alert/2021/03/08/Gold-Crude-Oil-Price-Forecast-Edging-Higher-on-the-Back-of-Stimulus-Saudi-Oil-Facility-Attack.html https://t.co/ZXrwjTaK3W
  • 🇯🇵 Eco Watchers Survey Current (FEB) Actual: 41.3 Previous: 31.2 https://www.dailyfx.com/economic-calendar#2021-03-08
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/ZdQnb2WoEc
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (FEB) due at 06:00 GMT (15min) Previous: 39.9 https://www.dailyfx.com/economic-calendar#2021-03-08
The EUR/USD Breaks to New Weekly High

The EUR/USD Breaks to New Weekly High

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD Breaks to New Weekly Highs
  • Potential Bullish Targets Begin at 1.1334
  • SSI Reads at -1.99

EUR/USD 30 Minute Chart

The EUR/USD Breaks to New Weekly High

(Created using Marketscope 2.0 Charts)

What is in store for the Euro in 2016? See our Analyst forecast here!

The EUR/USD is attempting to breakout higher this morning above resistance found at 1.1264. As of today, the pair has already advanced as much as 212 pips for the week, and appears poised to continue its bullish trend. By extrapolating 1-X today’s 70 pip range, initial bullish targets for the day EUR/USD begin near 1.1334. Longer-term traders may also begin looking forward to prices challenging historical highs. This included the October 2015 swing high at 1.1495.

In the event of a daily bearish price reversal, the EUR/USD will first need to decline back inside of its trading range, which begins at 1.1228. This area is represented on the chart by todays’ R3 pivot, and a move here would suggest a change in market conditions. At this point, traders may consider this morning’s breakout invalidated. It should be noted that key values of support for the day include the S3 pivot point at 1.1168 and the S4 pivot at 1.1121.

SSI (Speculative Sentiment Index) for the EUR/SUD reads at -1.99. While this value is negative, and is just short of an extreme reading of -2.0 or greater. When read as a contrarian signal, current EUR/USD SSI reads as a bullish signal for the currency pair.

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

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES