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
EUR/USD
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
Oil - US Crude
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
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
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • White House Chief of Staff Mark Meadows: -Mnuchin and Pelosi made good progress on stimulus talks today -We still have a ways to go toward reaching a deal -Talks productive enough to continue again tomorrow -Trump admin offer currently stands at $1.88-trillion
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PUSjs4XLSS
  • US Treasury opposes extension of Federal Reserve's Municipal Lending Facility (MLF) -BBG $USD $SPX $XAU $RUT $DJI
  • Netflix 3Q earnings shows EPS at $1.74 vs expectations of $2.13 on revenue of $6.44 Bln vs expectations of $6.38 Bln. Not the greatest start for FAANG earnings
  • As of today, it is officially two weeks until the #2020Election with the final presidential debate coming up on October 22. Crazy to think how fast time flies.
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.01% US 500: -0.01% Germany 30: -0.19% FTSE 100: -0.28% France 40: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zxL5TzfUnp
  • US Dollar Price Action Setups: EUR/USD, AUD/USD, GBP/USD https://www.dailyfx.com/forex/video/live_events/2020/10/20/US-Dollar-Price-Action-Setups-EURUSD-EUR-USD-AUD-USD-AUDUSD-GBP-USD-GBPUSD.html https://t.co/zzMSzNAu7E
  • Renewed hopes of additional US stimulus combined with economic uncertainty increased the demand for Gold, Silver and other safe-haven assets temporarily. Get your market update from @Tams707 here:https://t.co/tdpnGJAdZp https://t.co/d3DlqqcAde
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.83% Gold: 0.39% Oil - US Crude: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/V9jnip9o7w
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 72.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AqbJxwy3OI
Euro Outlook Still Constructive Despite Contrasting Fundamentals

Euro Outlook Still Constructive Despite Contrasting Fundamentals

2012-06-14 05:30:00
Joel Kruger, Technical Strategist
Share:
  • Markets to likely tighten up ahead of key weekend event risk
  • Technicals still show room for additional short-term currency strength
  • Looking for opportunity to buy upside break in USD/JPY

As we inch closer to the major weekend event risk in the form of the Greek election, it is entirely possible that markets will start to tighten up and consolidate until after the election. Market participants are also waiting on the details of the latest Spanish bailout, and at the moment, there isn’t a whole lot going on that would justify committing aggressively in either direction. Technically however, the charts are painting a different picture (in my opinion) and continue to favor room for additional currency strength before considering the possibility of bearish resumption.

This would suggest that despite any concern on the fundamental front right now, risk correlated assets still have room to run to the upside. While we retain a broader bearish outlook on the Euro, at this point, we defer to the charts and look for additional upside over the coming sessions into the 1.2800-1.3000 area before considering a fresh short position. Elsewhere, we are keeping a close eye on USD/JPY and will be looking to buy aggressively on a break back over key short-term resistance at 79.80.

ECONOMIC CALENDAR

Euro_Outlook_Still_Constructive_Despite_Contrasting_Fundamentals_______body_Picture_5.png, Euro Outlook Still Constructive Despite Contrasting Fundamentals

TECHNICAL OUTLOOK

Euro_Outlook_Still_Constructive_Despite_Contrasting_Fundamentals_______body_eur.png, Euro Outlook Still Constructive Despite Contrasting Fundamentals

EUR/USD:The market is in the process of correcting from some violently oversold levels after breaking to yearly lows just under 1.2300. While our overall outlook remains grossly bearish, from here we still see room for short-term upside before a fresh lower top is sought out. Look for the latest positive weekly close to open the door for acceleration into the 1.2800-1.3000 area, where fresh offers are likely to re-emerge. Setbacks should be well supported ahead of 1.2400.

Euro_Outlook_Still_Constructive_Despite_Contrasting_Fundamentals_______body_usd.png, Euro Outlook Still Constructive Despite Contrasting Fundamentals

USD/JPY:The latest setbacks have been rather intense, with the market collapsing through the 200-Day SMA before finally finding support by 77.65. We have since seen attempts at recovery and we contend that the market should continue to break higher, with sights ultimately set on a retest and break of the 2012 highs by 84.20 further up. However, at this point, we will need to see a break and close back above 80.00 to officially alleviate downside pressures and reaffirm bullish outlook.

Euro_Outlook_Still_Constructive_Despite_Contrasting_Fundamentals_______body_gbp.png, Euro Outlook Still Constructive Despite Contrasting Fundamentals

GBP/USD: Daily studies are now correcting from oversold and from here risks seem tilted to the upside to allow for a necessary short-term corrective bounce after setbacks stalled just shy of the 2012 lows from January. Look for the latest daily close back above 1.5440 to strengthen short-term bullish outlook, with acceleration projected into the 1.5800 area where a fresh lower top will be sought out in favor of underlying bear trend resumption. Only a close back under 1.5400 delays.

Euro_Outlook_Still_Constructive_Despite_Contrasting_Fundamentals_______body_usd_1.png, Euro Outlook Still Constructive Despite Contrasting Fundamentals

USD/CHF: While we retain a broader bullish outlook for this pair, with the market seen establishing back above parity over the coming weeks, shorter-term risks are for more of a corrective pullback to allow for the market to establish a fresh higher low. As such, we see risks for weakness over the coming sessions towards the 0.9200-0.9300 area before the market looks to reassert its bullish momentum and broader uptrend.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

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

DISCLOSURES