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
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
Wall Street
Bullish
Gold
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
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
USD/JPY
Bullish
More View more
Real Time News
  • The S&P 500 is very near filling the coronavirus gap down on February 24, it only needs to go another 30 points to 3337 to complete the task. Get your S&P500 technical analysis from @PaulRobinsonFX here: https://t.co/WOWt3btE3X https://t.co/420GUgjBKP
  • Commodities Update: NYM WTI Crude 42.25 (+1.32%), ICE Brent Crude 45.27 (+1.89%), NYM NYH Gasoline 122.54 (+0.91%). [delayed]
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 3.22% Gold: 0.87% Oil - US Crude: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OZAg17Ojqt
  • #Gold has rallied over $200/oz. since then and late Tuesday broke through $2,000/oz. with ease. Get your $XAUUSD technical analysis from @nickcawley1 here: https://t.co/377MlMYPwT https://t.co/i5fE0zpse4
  • Trump threatens to take executive action on certain relief efforts should congress fail to make a deal - Fox Business News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.96%, while traders in US 500 are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/X22WA5Nxrx
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.04% US 500: 0.56% France 40: -0.11% Germany 30: -0.15% FTSE 100: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/H9HgvCLdlE
  • US Treasury Yields: 2-Year: 0.109% 3-Year: 0.125% 5-Year: 0.215% 7-Year: 0.391% 10-Year: 0.545% 30-Year: 1.224% $TNX
  • The Bank of England is not expected to make any major changes to the current monetary policy after QE had been expanded by GBP 100bln at the prior meeting. Get your market update from @JMcQueenFX here:https://t.co/jvKHp6s3XG https://t.co/jz3EhCdtae
  • Canadian #Dollar Outlook: $USDCAD Plummets to Major Uptrend Support - https://t.co/HLtQstewm6 https://t.co/DXXIOvBKzX
EUR/USD Risks Further Losses as COT Points to Stretched Positioning

EUR/USD Risks Further Losses as COT Points to Stretched Positioning

2017-06-22 17:19:00
Michael Boutros, Strategist
Share:

Talking Points

EUR/USD Daily

EUR/USD Daily Chart

Technical Outlook:EURUSD reversed off Fibonacci resistance earlier this month at the 1.618% extension of the advance off the yearly lows at 1.1285. The pullback is now testing a key near-term support confluence at ~1.1128 where the 61.8% retracement converges on former slope resistance. A break below this mark shifts the focus lower in the Euro with such a scenario targeting the median-line down around 1.1021. A breach / close above the monthly open at 1.1242 would be need to mark resumption of the broader up-trend.

EUR/USD 240min

EUR/USD 240min Chart

Notes: A closer look at price action sees the pair trading within the confines of a descending pitchfork formation with the overnight rally catching resistance the median-line near 1.1172. From a trading standpoint, we’ll favor the short-side while below 1.1205 (near-term bearish invalidation) with a break of the weekly range lows targeting subsequent support objectives at 1.1075, 1.1050 & 1.1021.

EUR/USD Risks Further Losses as COT Points to Stretched Positioning
  • A summary of IG Client Sentimentshows traders are net-short EUR/USD- the ratio stands at -2.25 (30.8% of traders are)- bullish reading
  • Retail has been net-short since April 18th; price has moved 5.3% higher since then
  • Long positions are 12.8% lower than yesterday but 10.2% higher from last week
  • Short positions are 2.1% higher than yesterday but 2.0% lower from last week
  • Traders are more net-short than yesterday but less net-short from last week. The fact that the ratio has continued to come off the May extremes weakens the bullish signal and leaves the pair vulnerable for a pullback near-term

See how shifts in EUR/USD retail positioning are effecting market trends- Click here to learn more about IG Client Sentiment indicators!

EUR/USD COT Report

A look at the most recent Commitment of Traders report (COT) further highlights an extreme in sentiment with large speculators at their most net-long positioning since 2013 as of last week. Note that the last two instances when large specs have approached these levels, the Euro has pulled back in subsequent weeks and suggests the risk remains for near-term weakness heading into the close of the month.

---

Relevant Data Releases

EUR/USD Risks Further Losses as COT Points to Stretched Positioning

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.

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.