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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
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
  • Fed's Evans: - Doesn't see a great risk of inflation rising too quickly - Could see inflation temporarily above 2% - Higher inflation that delivers 2% on average is ok - It would be extraordinary for inflation to get up to 3%, wouldn't be a real problem even if it does #Fed $USD
  • USD/CAD struggles to retain the advance from the February low (1.2468) as Federal Reserve officials show little interest in adjusting the path for monetary policy. Get your $USDCAD market update from @DavidJSong here:https://t.co/2QkWThxkgQ https://t.co/WNqR0fDPva
  • Fed's Evans: - Optimistic about recovery - Expects unemployment to be closer to 5% by end of 2021 #Fed $USD
  • Mid-Week Market Check Up- $USD, $EURUSD, $USDCAD, #Gold, #Silver, $SPX & #Bitcoin and More! (Webinar Archive)- https://t.co/YA8stRdhgx
  • Fed's Evans: - 2021 should deliver a strong economic rebound - Fiscal support will be very helpful - There is still quite a gap in employment - Headline unemployment rate masks lots of people still on sidelines #Fed $USD
  • EU says UK is in "clear departure" from "constructive approach" - BBG.
  • EU says UK is violating its obligations under N.I. protocol. $EUR $GBP
  • The US Dollar remains strong but is trading lower than yesterday's multi-week highs. The $DXY tested the 91.00 level today ahead of the ISM Services print but traded lower after the print noted a slowing of activity in February. $USD https://t.co/o4l1Ir70lK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32ozAOnK2x
  • Heads Up:🇺🇸 Fed Evans Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-03
EUR/USD at Support Ahead of US Retail Sales- Resistance into 1.15

EUR/USD at Support Ahead of US Retail Sales- Resistance into 1.15

Michael Boutros, Strategist

Talking Points

  • EURUSD weekly opening range highlights 1.1356-1.1443 zone
  • Immediate short bias at risk heading into Eurozone/ U.S. event risk
  • Updated targets & invalidation levels

EURUSD 30min

EUR/USD at Support Ahead of US Retail Sales- Resistance into 1.15

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: EURUSD failed to rally through the May high-day close at 1.1443 with the pullback now approaching the weekly opening range lows at the 1.1356/67 support zone highlighted last week. The focus remains on this key range heading into tomorrow’s U.S. Retail Sales release with a rally to ultimately offer more short-entries higher up.

The immediate risk remains for a swing higher from here with a breach targeting 1.1465, 1.1495 & key resistance at 1.1512/16. This region is defined by the 61.8% retracement of the recent decline & the August 25th reversal-day close and we’ll reserve this region as our bearish invalidation level (favorable short entries here). A break lower keeps the short-bias in play targeting the February high-day close at 1.1320 backed by 1.1260 and the April lows at 1.1214. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

EUR/USD at Support Ahead of US Retail Sales- Resistance into 1.15
  • A summary of the DailyFX Speculative Sentiment Index (SSI)shows traders remain net short euro- the ratio stands at -1.44 (41% of traders are long)- weakbullish reading
  • Short positions are 7.1% lower than yesterday and 4.4% below levels seen last week.
  • Open interest is 0.8% lower than yesterday and 4.7% above its monthly average.
  • Ratio has been negative since 3/10 – near-term reduction in short exposure suggests the long bias remains at risk

Why and how do we use the SSI in trading? View our video and download the free indicator here

Relevant Data Releases This Week

EUR/USD at Support Ahead of US Retail Sales- Resistance into 1.15

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES