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
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
More View more
Real Time News
  • Cleveland Fed President Loretta Mester says: - sees US GDP in 2022 between 3.75 and 4% - Supports tapering in November and concluding over the first half of 2022 - After liftoff, accommodative policy needed for some time
  • Fed Chairman Jerome Powell doesn't comment on the growth forecast or monetary policy in his introductory remarks
  • Kansas City Fed President Esther George says: - The labor market friction is fading barring a resurgence of virus - A 'normal' economy is likely to remain elusive for some time - Asset buying effects complicate the judging rate change plan
  • The risk rally that charged the S&P 500 and brethren post-FOMC has stalled into Friday's open. DailyFX's @JohnKicklighter discusses what is driving markets post Fed👇 https://t.co/qNuVaDrZPe
  • 🇺🇸 New Home Sales MoM (AUG) Actual: 1.5% Previous: 6.4% https://www.dailyfx.com/economic-calendar#2021-09-24
  • China has announced that they will be cracking down on Cryptocurrency mining and while this has been a reoccurring theme, regardless of that fact Get your market update from @JMcQueenFX here:https://t.co/FluWtTTM93 https://t.co/GnBLLucMs3
  • Looks like they couldn't hold the 8.8000 line for $USDTRY. Record high exchange rate (favoring Dollar over Turkish Lira) despite a still-17.75 percentage point differential in their benchmark rates... https://t.co/7FrlF8El1O
  • 🇺🇸 New Home Sales MoM (AUG) Actual: 1.5% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-09-24
  • RT @elerianm: Thank you @LizAnnSonders for this and, more generally, for all your informative and insightful tweets. Two things to add from…
  • Heads Up:🇺🇸 Fed Bowman Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-24
EUR/USD Trades Back From Weekly Highs

EUR/USD Trades Back From Weekly Highs

Walker England, Forex Trading Instructor

Talking Points

  • The EUR/USD Retraces From Weekly Highs
  • Short Term Support for the EUR/USD is Found at 1.1329
  • If you are looking for EUR/USD trading Ideas, check out our Trading Guides.

The EUR/USD is pulling back from weekly highs this morning, after trading higher for the last five consecutive sessions. Currently the pair is testing pivot support near 1.1329. This area is depicted below as the S3 pivot, and is daily support for today’s 45 pip range. If prices bounce at support, this re-opens the EUR/USD to print new weekly highs over 1.1366. In this bullish scenario, traders should continue to monitor resistance found at the R3 and R4 pivots. They are located at 1.1379 and 1.1397.

In the event of a full bearish reversal, traders should watch for the EUR/USD to trade through the S4 pivot at 1.1306. Prices have already tested this value once, putting today’s low in at 1.1304. A sustained move below this value should be seen as significant as it would be the first bearish breakout this week. In this scenario traders may extrapolate a 1X extension of today’s 45 pip range to find initial bearish targets near 1.1261.

EUR/USD 30 Minute

EUR/USD Trades Back From Weekly Highs

(Created by Walker England)

The ratio of long to short positions for the EUR/USD stands at -2.5416. This SSI (speculative sentiment index) reading is considered extreme with 72% of positioning currently short. Typically this suggests that the EUR/USD may continue to trade higher. In the event of bearish breakout, traders should look for SSI to neutralize and retract from its current extreme levels.

EUR/USD Trades Back From Weekly Highs

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.

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

DISCLOSURES