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
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
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
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
Gold
Bearish
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • 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/Jkv0onMyZw
  • Why is JPY called a safe haven? What are some factors in its favor this quarter? Get your free forecast here: https://t.co/mzeJ5x73N3 #DailyFXGuides https://t.co/S4bwgGZxmw
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/T3W8CIg5iy
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/FPgZ5gkgrM
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/E0KhcKHrOf
  • For some reason an old story has popped up - many apologies.... https://t.co/jHjQxyFRXM
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/w5ljByv9cf
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/CpqePQYF4E
  • 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/Rg2YGZCUCr
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
EUR/USD Slide Continues After FOMC Minutes

EUR/USD Slide Continues After FOMC Minutes

2016-05-19 12:55:00
Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD declines on FED meeting minutes from April
  • Trend based breakouts begin beneath the S4 pivot at 1.1158
  • SSI Reads neutral at +1.03

The EUR/USD continues to slide this morning, as the US Dollar rallies against the majors. This decline has been precipitated by the FED releasing the minutes to their April FOMC meeting. While a rate hike is far from certain at Junes meeting, traders are beginning to see it as a possibility. As such, the U.S. Dollar continues its advance, with the EUR/USD declining as much as 427 pips for the month of May.

EUR/USD 30 Minute Chart with Camarilla Pivots

EUR/USD Slide Continues After FOMC Minutes

(Created using Marketscope 2.0 Charts)

What’s next for the US Dollar? Find out more with our Free Dollar forecast!

Technically, day traders may begin to look for support today near 1.1186. This point is denoted as the R3 pivot in the graph above, and represents today’s value of range support. If prices manage to stay above this value, it suggests that any further EUR/USD declines may at least temporarily stemmed. It should be noted that range resistance is found at the R3 pivot at 1.1242. A move to this value, would suggest that the EUR/USD is at least temporarily retracing. In this scenario traders looking to join the trend, may look for prices to move lower back towards values of support.

Traders looking for another bearish breakout should continue to monitor the S4 pivot point located at 1.1158. A breakout below this point would be significant, as it would be the 4th bearish breakout in the last 6 trading sessions for the EUR/USD. If price action moves through this value of support, traders may extrapolate a 1X extension of today’s 56 pip range, to place preliminary bearish targets near 1.1102. Alternatively, in the event of price reversal, traders should begin to monitor the R4 pivot point at 1.1270. Again, by extrapolating a 1X range extension, bullish breakout targets may be found near 1.1326.

EUR/USD Speculative Sentiment Index as of Thursday, May 19, 2016

EUR/USD Slide Continues After FOMC Minutes

Sentiment totals are being tracked in real time. Find out more at the DailyFX’s sentiment page.

SSI (speculative sentiment index) for the EUR/USD has shifted significantly and now reads at -1.03. This value has neutralized from the last reported value of -1.61. If sentiment flips positive, it would be the first time it has done so in the previous 3 months. This change may suggest further declines for the EUR/USD. Conversely in the event of a bullish reversal, traders should look for SSI to move back towards negative extremes.

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

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

Contact and Follow Walker on Twitter @WEnglandFX.

It’s a new trading month and FXCM is beginning a new $10,000 trading challenge. Learn more about the contest and track the leaderboard HERE.

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

DISCLOSURES