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EUR/USD: Levels to Know for Jackson Hole

EUR/USD: Levels to Know for Jackson Hole

Michael Boutros, Strategist

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Talking Points

EUR/USD Daily Chart

EUR/USD Daily Timeframe

Technical Outlook: Euro has been trading within the confines of a well-defined ascending pitchfork formation with prices reversing off the upper parallel early in the month. The risk remains for a deeper pullback in with the pair while below monthly open resistance at 1.1841. Key daily support is eyed along the median-line / 2016 highs at 1.1616.

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EUR/USD: Levels to Know for Jackson HoleEUR/USD: Levels to Know for Jackson Hole

EURUSD 240min

EUR/USD 240min Timeframe

Notes: A closer look at price action highlights a near-term descending channel formation extending off the monthly high (could be a bull-flag). Immediate resistance is eyed at the highlighted trendline confluence around ~1.1815. A breach above the 2010 low at 1.1877 would be needed to validate resumption of the broader uptrend targeting 1.1998.

Channel support converges on the median-line at ~1.1650s with more significant support seen at 1.1616(area of interest for long-entries)- a break below this level would be needed to suggest a more meaningful high is in place. Bottom line: I’ll favor the short-side while within this near-term channel with a broader pullback to offer more favorable long-entries.

Note that the annual Jackson Hole Economic Symposium represents significant event risk for the pair with ECB President Mario Draghi & Fed Chair Janet Yellen slated for commentary on Thursday & Friday. Added caution is warranted heading into these events with remarks likely to fuel increased volatility in the EUR & USD crosses.

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EUR/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-shot EURUSD- the ratio stands at -1.94 (34.0% of traders are long) –bullishreading
  • Retail has been net-short since April 18th - Price has moved 10.0% higher since then
  • Long positions are 22.3% higher than yesterday and 16.4% higher from last week
  • Short positions are 5.7% lower than yesterday but 0.4% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EURUSD price trend may soon reverse lower despite the fact traders remain net-short.

See how shifts in Euro retail positioning are impacting trend- Click here to learn more about sentiment!

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Relevant Data Releases

EUR/USD Economic Docket

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Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at mboutros@dailyfx.com.

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

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