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 Price Outlook: Euro Threatens Breakout– Levels to Know

EUR/USD Price Outlook: Euro Threatens Breakout– Levels to Know

2018-11-21 16:00:00
Michael Boutros, Strategist
Share:

Euro has rallied more than 1.6% against the US Dollar since the yearly / monthly lows with price carving out a well-defined weekly opening-range just below technical resistance. Its decision time for the bulls- here are the updated targets and invalidation levels that matter on the EUR/USD charts. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

EUR/USD Daily Price Chart

EUR/USD Daily Price Chart

Technical Outlook: In our latest EUR/USD Weekly Technical Outlook we noted that Euro had, “responded to long-term support and keeps the focus weighted to the topside while above 1.13.” Price registered a high at 1.1472 yesterday before posting an outside-day reversal candle off slope resistance. Note that Euro has carved a well-defined monthly opening-range and ultimately we’re looking for the break for guidance.

Initial resistance stands at the highlighted trendline confluence, around ~1.1460s with a breach / close above the November opening-range high at 1.15 needed to validate the reversal. Subsequent topside resistance objectives eyed at the 100-Day moving average at ~1.1554 and the 61.8% retracement of the September decline at 1.1586.

Learn how to Trade with Confidence in our Free Trading Guide

EUR/USD 120min Price Chart

EUR/USD 120min Price Chart

Notes: A closer look at price action shows Euro straddling the weekly open at 1.1413 with the pair trading within an ascending pitchfork formation extending off the October / November lows. Interim support rests at 1.1345/59 with a bullish invalidation now raised 1.1312/14 – this region is defined by the monthly open & the 61.8% retracement of the monthly advance and converges on a sliding parallel of the dominant slope extending off the 11/14 swing lows (area of interest for possible exhaustion / long-entries IF reached).

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

Bottom line: An outside-day reversal yesterday does cast a bearish tone on price near-term but we’re looking for exhaustion on a move lower for re-entry. From a trading standpoint, I’ll favor fading weakness while above 1.1312 for now with a breach above 1.1516 needed to fuel the next leg higher in price. A break below this formation would shift the focus back towards the yearly lows / low close at 1.1215/18 and the 61.8% retracement down at 1.1187.

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

EUR/USD Trader Sentiment

EURUSD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at -1.02 (50.6% of traders are long) – neutralreading
  • Long positions are3.3% higher than yesterday and 15.8% lower from last week
  • Short positions are 10.0% lower than yesterday and 26.8% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall. Yet traders are more net-long than yesterday but less net-long from last week and the combination of current positioning and recent changes gives us a further mixed EUR/USD trading bias from a sentiment standpoint. .

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

---

Relevant EUR/USD Data Releases

EUR/USD Ecnomic Calendar

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

Active Trade Setups

- 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.

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.