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.

Free Trading Guides
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
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bullish
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
Bitcoin
Bearish
More View more
Real Time News
  • Signs of sticky price growth sparked a bullish reaction in the $CAD as the headline reading for inflation held steady at 1.9% in October. Where is $USDCAD heading? Find out from @DavidJSong here: https://t.co/g17BwwlPff https://t.co/Og7owf21W8
  • RT @YahooFinance: Highlight: "I think the VIX is starting to reflect stress in the marketplace," @DiMartinoBooth tells @ScottGamm. "There's…
  • video of today's webinar uploaded and ready to go -> https://www.dailyfx.com/forex/video/live_events/2019/11/21/price-action-setups-around-the-us-dollar-webinar-js55.html
  • G20 economies slapped on 28 new barriers between mid-May and mid-October covering trade worth an estimated $460.4 billion, mainly via tariff increases and import bans, the World Trade Organization said on Thursday (via @Reuters) https://t.co/uRfAIuFS67
  • Amid signs that UK Prime Minister Boris Johnson is on the path to win re-election, the $GBP has been able to retain its recent gains. Get your market update from @CVecchioFX here:https://t.co/VYlj77EFvG https://t.co/ysSouJ1RUG
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.00% Silver: -0.39% Gold: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xh1Q8NZbOK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.09%, while traders in France 40 are at opposite extremes with 82.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/m1lnP4G7B2
  • US President Trump weighing new trade probe to justify levying tariffs on EU, reports Politico $EURUSD
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.02% France 40: -0.02% Wall Street: -0.07% US 500: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/lcyEhCEfsA
  • $USDJPY may be set for a larger pullback on the back of a deteriorating risk environment amid the potential failure in US-China trade talks. Get your market update from @JMcQueenFX here:https://t.co/UOGT5xRX9v https://t.co/JLXsn96FQY
EUR/USD Opens Under Monthly Highs

EUR/USD Opens Under Monthly Highs

2017-03-20 12:46:00
Walker England, Forex Trading Instructor
Share:

Talking Points:

The EUR/USD has opened this week’s trading just under monthly highs found at 1.0774. Technically this point remains significant as the EUR/USD is again trending higher in the short term. If the pair successfully rallies above this point, traders may then look for a bullish breakout to carry the EUR/USD towards 1.0829 and then 1.0854. A move above 1.0854 would suggest a longer term trend change, as the EUR/USD would be trading back above its 200 day MVA (simple moving average) for the first since October 2016.

However in the event that the EUR/USD turns lower this week, traders should first look for the pair to first challenge its 10 day EMA (exponential moving average) at 1.0700. This line is currently acting as a value of support, and a bearish breakout here would suggest a change in short term momentum for the pair. A broader bearish decline may expose other values of support, which includes the March 14th low at 1.0600 and the March 9th swing low at 1.0525.

EUR/USD, Daily Chart with Averages

EUR/USD Opens Under Monthly Highs

(Created Using IG Charts)

Current retail sentiment data shows that 64% of traders are net-short the EUR/USD, with SSI (speculative sentiment index) reading at -1.81. Typically SSI is read as a contrarian indicator, meaning that the current negative readings suggest that prices may continue to trend rise. If prices breakout higher, it would be expected to see SSI reach negative extremes of -2.0 or more. Alternatively if prices decline in the short term, SSI should be seen retracting back towards more neutral figures.

Want to learn more about trading with market sentiment? Get our Free guide here.

EUR/USD Opens Under Monthly Highs

--- 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 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

News & Analysis at your fingertips.