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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/JVz5hswMHp
  • Gold Price Outlook: XAU/USD Pullback in Play – Charts to Watch https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/07/11/gold-price-outlook-xau-usd-pullback-in-play-charts-to-watch.html
  • Coronavirus continues to spread rapidly in the US and Latin America causing risk sentiment to falter despite ongoing economic recovery. Get your #currencies update from @HathornSabin here: https://t.co/RCQR6z77qY https://t.co/E2jzemH6bQ
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhgsQo https://t.co/Xq2lDE6s1T
  • Risk performance disparity is front and center while systemic issues meet key event risk. My trading video for the week ahead; '#Dow, $EURUSD, $GBPUSD Breakout Levels and Events Next Week' https://www.dailyfx.com/forex/video/daily_news_report/2020/07/11/Dow-EURUSD-GBPUSD-Breakout-Levels-and-Events-Next-Week.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/1Fp5OxRbiS
  • This week, EUR/USD rallied to a multi-week high. Will bulls keep leading the price next week? Get your #currencies update from @malkudsi here: https://t.co/zUozw703uC https://t.co/LIEcx52Xh0
  • The New Zealand Dollar is aiming higher, with NZD/USD eyeing fresh yearly highs while AUD/NZD may be carving out a bearish Head and Shoulders chart pattern. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/osFxXvq5xF https://t.co/Uk2RhkEyQO
  • A plethora of UK data, however, external factors remain the key driver as GBP/USD edges towards 200DMA. Get your #currencies update from @JMcQueenFX here: https://t.co/bWJGyiUSpQ https://t.co/qAg8NrAZor
  • The Japanese #Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPY’s gains may be amplified if corporate earnings fail to impress investors. Get your #currencies update from @ZabelinDimitri here: https://t.co/yP4revKq6J https://t.co/7smgRKspLU
  • The US Dollar index (DXY) may face range bound conditions over the coming days amid the failed attempt to test the June low (95.75). Get your #currencies update from @DavidJSong here: https://t.co/GsBcE6Z4G6 https://t.co/HIJ4vvcBIg
EUR/USD Price Outlook: Euro Continuation Prospects after Fresh Highs

EUR/USD Price Outlook: Euro Continuation Prospects after Fresh Highs

2018-08-28 16:36:00
Michael Boutros, Strategist
Share:

Euro is up more than 3.5% off the yearly lows with the advance breaking through monthly open resistance today in New York trade. Here are the updated targets and invalidation levels that matter on the EUR/USD charts this week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

EUR/USD Daily Price Chart

EUR/USD Price Chart - Daily

Technical Outlook: Euro broke above confluence slope resistance yesterday around ~1.1660 with the rally now besting the August opening-range highs. Note that daily RSI has broken back above the former support trigger with daily momentum stretching into highs not seen since February. Seasonal tendencies (heading into September) favor Euro strength and the focus remains weighted to the topside in price while above 1.1510/29.

New to Forex Trading? Get started with this Free Beginners Guide

EUR/USD 120min Price Chart

EUR/USD Price Chart - 120min

Notes: In last week’s EUR/USD Scalp Report, our bottom line noted that, “From a trading standpoint, the immediate threat may be for a pullback but the outlook remains constructive while above the weekly open for now. I’ll favor fading weakness targeting a topside breach of this pivot range.” Price broke above the 1.1529 resistance pivot in the following days with a pullback and subsequent reversal further validating our directional bias.

Euro has continued to trade within this near-term ascending channel off the monthly lows with the upper parallel highlighting immediate topside targets along the July high-day close at 1.1750 and the 38.2% retracement / July high at 1.1780/91. Interim support now rests at 1.1650 with near-term bullish invalidation raised to 1.1614.

Why does the average trader lose? Avoid these Mistakes in your trading

Bottom line: Euro has broken above the August open / monthly opening range highs and keeps the focus higher into the close of the month. That said, price has now extended higher for the third consecutive day and from a trading standpoint, we’re looking for near-term weakness to offer more favorable long-entries while within this near-term formation. Look for a bigger reaction on a rally into key near-term resistance at 1.1780/90.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Most recent Foundations Session- Seeing the Forest from the Trees

EUR/USD Trader Sentiment

EUR/USD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.33 (42.9% of traders are long) – weak bullishreading
  • traders have remained net-short since August 21st; price has moved 1.3% higher since then
  • Long positions are7.2% lower than yesterday and 10.0% lower from last week
  • Short positions are 6.1% higher than yesterday and 8.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger EUR/USD-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in EUR/USD retail positioning are impacting trend- Learn more about sentiment!

---

Relevant EUR/USD Economic Data Releases

EUR/USD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Trade 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

News & Analysis at your fingertips.