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
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
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
Gold
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • USD/JPY and GBP/JPY may reverse lower in the near-term as both exchange rates fail to breach key resistance. CAD/JPY rates eyeing a retest of its post-crisis high. Get your market update from @DanielGMoss here:https://t.co/NptWy89cTa https://t.co/PYrMMwaCXg
  • Both $AUDUSD and $NZDUSD are slipping in early Tuesday APAC trade following dovish remarks from the #RBA ... https://t.co/nvOjnM8z8h ...and #RBNZ respectively: https://t.co/tDlVxzO68h https://t.co/w3y9zDlz6i
  • RBA's Kent: Notes still room to compress short-term rates -BBG $AUDUSD #RBA
  • Read your daily election update⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/19/AUDUSD-Downtrend-to-Accelerate-Election-Betting-Odds-Defying-Polls.html
  • - Election polls show Biden ahead of Trump, but betting odds are show a slightly different narrative - Third #PresidentialDebate2020: time, location and topics - #AUDUSD downtrend may accelerate as area between descending resistance and support narrows
  • RBA Assistant Governor Christopher Kent: Balance sheet metrics give useful insight to policy stance, more complex to assess policy stance than in past -BBG $AUDUSD
  • Poll: What market has the greatest potential for volatility should the the US government finally compromise on stimulus - or definitively pull hope on it for the foreseeable future (though I believe that is a very low probability)
  • RBNZ's Orr: Prefer to deal with more inflation than battle deflation -BBG $NZDUSD
  • RBNZ Governor Adrian Orr: RBNZ has plenty of room left in QE program, will update on developments of policy tools in November -BBG $NZDUSD
  • The US Dollar faces a range of mixed technical signals against ASEAN currencies after some gains and losses. What is the road ahead for USD/PHP, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here:https://t.co/Sa9rXakHtM https://t.co/5jf4k5fb9Z
EUR/USD Flirts with Disaster as Post-ECB Selloff Targets Key Support

EUR/USD Flirts with Disaster as Post-ECB Selloff Targets Key Support

2017-10-26 17:08:00
Michael Boutros, Strategist
Share:

To receive Michael’s analysis directly via email, please SIGN UP HERE

EUR/USD Daily Chart

EUR/USD Price Chart- Daily Timeframe

Technical Outlook: The post-ECB Euro sell-off is approaching a key support confluence at the 1.1679-1.1707- a region defined by the lower median-line parallel, the 23.6% retracement of the 2017 range and the 100-day moving average. Note that the monthly opening-range lows also converges on this region further highlights the technical significance of this zone. A break / close below the mark would shift the medium-term outlook to the downside for the pair with such a scenario targeting the 2016 high at 1.1616 backed by the 2016 high-day close at 1.1495 and the slope confluence ~1.1400.

New to Forex? Get started with this Free Beginners Guide

EUR/USD 240min

EUR/USD Price Chart - 240min Timeframe

Notes: A closer look at price action highlights this support confluence- look for a reaction here with a close sub-1.1679 needed to validate the break. Interim resistance stands at 1.1750 backed by 1.1788. A breach above channel resistance / 1.1831 would be needed to shift the focus back to the long-side of the pair.

A break below the monthly opening-range lows targets initial support objectives at 1.1616/21 & 1.1554. From a trading standpoint, the break of the objective weekly opening-range does keep the focus lower but I would caution chasing this from here if you’re not already short. Keep in mind we get the release of U.S. 3Q GDP figures tomorrow and the event is likely to fuel increased volatility in the USD crosses. As discussed in our Weekly Strategy Outlook, thetechnical implications of this week’s close will be significant.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

EUR/USD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-short EURUSD- the ratio stands at -1.48 (40.4% of traders are long) – Weak bullish reading
  • Long positions are 6.6% lower than yesterday and 3.4% lower from last week
  • Short positions are 0.6% higher than yesterday and 4.4% lower 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. Positioning is more net-short than yesterday but less net-short from last week and the combination of current positioning& recent changes gives us a further mixed EURUSD trading bias from a sentiment standpoint.

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

---

Relevant Data Releases

EURUSD Economic Calendar

Check out this week’s DailyFX Webinar Schedule

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.

DISCLOSURES