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
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
Wall Street
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
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • 6 out of 9 Dow Jones sectors ended higher, with 73.3% of the index’s constituents closing in the green. healthcare (+2.39%), information technology (+1.54%) and consumer discretionary (+0.75%) were among the best performers, while energy (-0.82%) lagged behind.
  • 🇳🇿 Business NZ PMI (MAR) Actual: 63.6 Previous: 53.4 https://www.dailyfx.com/economic-calendar#2021-04-15
  • The US Dollar may extend gains against the Thai Baht. But, its price action within USD/SGD, USD/PHP and USD/IDR seem to be favoring more range-bound trading conditions. Get your market update from @ddubrovskyFX here:https://t.co/DYCLXAFcCr https://t.co/ObnecL3R6u
  • Heads Up:🇳🇿 Business NZ PMI (MAR) due at 22:30 GMT (15min) Previous: 53.4 https://www.dailyfx.com/economic-calendar#2021-04-15
  • For markets, data really only matters to the extent it drives monetary policy bets Did US retail sales absolutely crush estimates? YES Guess what? Odds of a #Fed rate hike by end of 2022 worsened, now about 54% chance vs 90% early April Dovish #Fed comments doing the real work https://t.co/8phPSG9DMe
  • CDC panel tentatively set to meet late next week on Johnson & Johnson vaccine $JNJ $SPX $NDX $RUT $DJI
  • Fed's Mester: - Does not think the Fed being behind the curve is a primary risk - Second half of the year is going to be strong - Growth will be at 6% or higher overall this year
  • Following their rebound from critical trend support at the end of March, gold prices have now broken through multi-week consolidation resistance. Get your $XUUSD market update from @CVecchioFX here:https://t.co/uZtcPEukJ1 https://t.co/qu0PLXwjwJ
  • Silver hit a fresh three-week high above the 25.80 level. The metal had hit its lowest point since December at the end of March, around the 24.00 level. Get your $XAG market update here:https://t.co/hN2TNhCsio https://t.co/z8EqgtQHyX
  • Fed's Mester: - We are going to see inflation stabilize - It may take several months for supply chains to get fixed
EUR/USD Risks Near-term Exhaustion Heading into NFPs

EUR/USD Risks Near-term Exhaustion Heading into NFPs

Michael Boutros, Strategist

Talking Points

EUR/USD 120min

EUR/USD 120min Chart

Technical Outlook:EURUSD has continued to trade within the confines of this ascending pitchfork formation extending off the December / January lows with the advance testing confluence resistance today at 1.0820- this level is defined by the 50% retracement of the November decline & the March low. Note that the pair has been marking bearish divergence into these highs and further highlights the risk for a near-term pullback in price.

Interim support rests at 1.0750 backed by 1.0713/24. If Euro is indeed heading higher, losses should be limited to the lower parallel / 1.0642 (bullish invalidation). A breach of the highs targets subsequent topside objectives at the 2016 open at 1.0872 backed by 1.0930/37. U.S. Non-Farm Payrolls are expected to come in at 175K for the month of January with unemployment widely expected to hold at 4.7%. From a trading standpoint, I would be looking lower heading into the release with a drop into the lower parallels to be viewed as a buying opportunity.

EURUSD Speculative Sentiment Index

EUR/USD Risks Near-term Exhaustion Heading into NFPs
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are short EURUSD- the ratio stands at -2.05 (~32% of traders are long)- bullish reading
  • Long positions are 8.1% lower than yesterday and 22.0% below levels seen last week
  • Short positions are 7.9% higher than yesterday and 29.7% above levels seen last week
  • Open interest is 2.0% higher than yesterday and 15.5% above its monthly average
  • While the current SSI profile continues to point higher for the euro, it’s worth noting that the recent narrowing in the ratio as price approaches resistance leaves the advance vulnerable near-term. That said, look for a continued build in short-exposure in the coming days to further support the long-bias.

Relevant Data Releases

EUR/USD Risks Near-term Exhaustion Heading into NFPs

Looking for trade ideas? Review DailyFX’s 2017 1Q Projections

Other Setups in Play:

---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.

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

DISCLOSURES