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
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
GBP/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
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
Gold
Mixed
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
  • The current astonishing price difference between #crudeoil and #naturalgas may tell us much less about global growth prospects than you might think. The US gas industry is well supplied with shale producers adding to the glut. https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/22/Crude-Oil-Natural-Gas-Prices-Part-Ways-What-Does-This-Mean-.html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • My trading video for today: 'Dow, Emerging Markets and Yuan Hit by Coronavirus-Tinged Risk Aversion' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/22/Dow-Emerging-Markets-and-Yuan-Hit-by-Coronavirus-Tinged-Risk-Aversion.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/vihwKOdVr5
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: -0.29% Gold: -0.41% Oil - US Crude: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/8kdO6Qqkow
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/C1voqDy4hc
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.01% 🇦🇺AUD: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.11% 🇨🇭CHF: -0.12% 🇯🇵JPY: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/dagocTZSUu
  • RT @KateBennett_DC: Do you, Larry Kudlow. https://t.co/n14RUZZRGy
  • Note that gains in $AUDUSD and $NZDUSD are somewhat contained by strength in the US Dollar. I wrote a special report that explains this dynamic into further detail as the pairs diverge with the #SP500 here - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?ref-author=Dubrovsky
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.34%, while traders in Germany 30 are at opposite extremes with 82.00%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OHd6ymoGC1
  • Asia turns "risk on" as fears around the #coronavirus seem to be cooling. China's Health Commission delivered a briefing, detailing measures to help contain spread of the disease. #SP500 futures on the rise. Anti-risk #Yen lower, #USD up $USDJPY #AUDJPY - https://t.co/EO3GjV4Cel https://t.co/OOE3DBUvOr
  • The #Euro is grinding through support guiding the four-month upswing against the US Dollar, hinting that resumption of the broader downtrend may be around the corner.Get your market update from @IlyaSpivak here: https://t.co/lHhewnDqCf https://t.co/Mx4BSCpSkQ
EUR/USD: Down But Not Yet Out

EUR/USD: Down But Not Yet Out

2017-03-29 16:36:00
Michael Boutros, Technical Strategist
Share:

Talking Points

  • EURUSD Reversal off key resistance to offer favorable long-entries
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

EURUSD Daily

EURUSD Daily Chart

Technical Outlook: EURUSD reversed sharply off key resistance early this week at 1.0872-1.0908 – this region is defined by the November high-day close, the June lows, the 2016 open and the 200-day moving average. Note the accompanying break of a support-trigger in daily RSI further highlight’s the risk for continued weakness near-term. Key support targets are eyed at 1.0690-1.07 backed by 1.0623/50 (bullish invalidation) – both zones of interest for near-term exhaustion / long-entries. Interim resistance is eyed at 1.0817/20 with a breach / close above 1.09 targeting subsequent topside objectives at 1.0930/36 & 1.0984.

EURUSD 240min

EURUSD 240min Chart

Notes: A closer look at price action highlights a break of the weekly open / opening range lows yesterday, shifting the near-term focus lower. The pair is now testing interim support at 1.0749 with a break lower targeting the aforementioned levels of interest. A quarter of the daily average true range (ATR) yields profit targets of just 19-23 pips per scalp.

Added caution is warranted heading into the close of the week / month / quarter with the release of Eurozone & German CPI numbers also likely to fuel increased volatility in the EUR crosses. From a trading standpoint, I’ll be looking for a move lower into the lower parallels to offer favorable long-entries targeting a breach of the 1.0872-1.0908key resistance threshold.

EUR/USD: Down But Not Yet Out
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are short EURUSD- the ratio stands at -1.93 (34% of traders are long)- bullish reading
  • Retail traders have remained net-short since Mar 15 when the pair was trading near 1.06116- price has moved 1.9% higher since then.
  • Long positions are 23.7% higher than yesterday and 34.0% above levels seen last week
  • Short positions are 2.9% lower than yesterday and 8.9% below levels seen last week
  • While the current SSI profile continues to point higher, it’s worth noting that the recent build in long positions suggest traders are attempting to fade this near-term decline and leaves the immediate risk lower. Ultimately, we’ll be looking for a new low to get long.

---

Relevant Data Releases

EUR/USD: Down But Not Yet Out

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on 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

News & Analysis at your fingertips.