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
More View more
Real Time News
  • NY Fed accepts $965.19 billion in reverse repo operations $USD $DXY
  • The US Dollar is holding support around the 92.50 area on the chart after a week-long pullback. Get your market update from @JStanleyFX here:https://t.co/3caFCPAOK3 https://t.co/ZO5FjuTU0m
  • With all eyes on the Fed, the US 10Y Treasury yield moves back above 1.25% #Fed #FOMC https://t.co/ImBHDaHnEf
  • NZD/USD carves a series of lower highs and lows as it pulls back from the weekly high (0.7010), but the Federal Reserve interest rate decision may keep the exchange rate afloat. Get your market update from @DavidJSong here:https://t.co/dNCYqI1Ko3 https://t.co/acxZuM7x9O
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.65%, while traders in France 40 are at opposite extremes with 69.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uzP0OIHpnR
  • Before today's FOMC decision, the Dollar is treading water and the implied forecast for Fed hikes through Dec 2022 (via Fed Funds futures) is 14bps. Correlation between two is still askew https://t.co/6E5nF7NMQe
  • $GBPJPY with a 400 pip + run over the past 8 days. fibo support at 148.65 made its mark https://t.co/FODR1nUzho https://t.co/MargzirThB
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.72% Silver: 0.71% Gold: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/6mxkpPPUJd
  • New Covid cases in the US have surpassed 100,00 and are at the highest overall levels since Feb 5th. The Fed has made a point to raise this concern previously and the IMF made it globally on Tuesday. I expect to see it today at FOMC https://t.co/qh4mgXNqfD
  • Amazon denies claims that they will accept Bitcoin by year-end. Will buyers achieve a follow-through in BTC/USD? Find out from @HathornSabin here:https://t.co/rcZVIKd5J5 https://t.co/C0r3gyLJvP
Is Now a Good time to sell the Euro/US Dollar? 3 Pros and Cons

Is Now a Good time to sell the Euro/US Dollar? 3 Pros and Cons

David Rodriguez, Head of Product

The Euro has surged to fresh 4-month highs as the Dow Jones FXCM Dollar Index plummets. The currency now trades at critical support and may represent a trade opportunity, but is now a good time to go short?

Pros in favor of Euro/US Dollar short position:

Euro is likely to consolidate and less likely to break significantly higher ahead of critical ESM vote

US S&P 500 may have found key resistance, favoring pullback in correlated EURUSD

Yesterday’s Euro/US Dollar inside day was reminiscent of the October, 2011 top

Cons against Euro/US Dollar short position:

Euro rally likely a function of short-covering, could continue as traders limit risk ahead of ESM vote

Dow Jones FXCM Dollar Index takes a beating and the Euro eyes $1.2904

Retail trading crowds heavily net-short EURUSD, contrarian buy signal

Time_to_sell_the_euro_us_dollar_pros_and_cons_body_Picture_5.png, Is Now a Good time to sell the Euro/US Dollar? 3 Pros and Cons

Source: FXCM MarketScope

Ultimately tomorrow’s critical German Constitutional Court decision on the European Stability Mechanism could decide direction in the Euro/US Dollar. Until then, we see considerable uncertainty in EURUSD price action.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

Contact David and follow via Facebook and Twitter:http://www.facebook.com/DRodriguezFXhttps://twitter.com/DRodriguezFX

Join David’s e-mail distribution list by sending a message with subject line “Distribution list” to drodriguez@dailyfx.com

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

DISCLOSURES