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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • ...but before you write off H&S patterns because more have fallen apart rather than catalyzed lately, consider the monthly chart of $AUDUSD as well. That 0.8000-0.7925 zone is no joke as its historical midpoint, trendine and other technical points confluence https://t.co/dB6edmmA1d
  • While there are other Dollar pairs getting more attention lately, I think $AUDUSD deserve a spot in the rotation. It's currently working out whether it is going to abide 2021's range as a consolidation reversal risk (H&S pattern)... https://t.co/M7dG0a8Isw
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.31% Oil - US Crude: -0.18% Silver: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AS3CtSNbr4
  • Fed's Evans: - Tepid April jobs report was a 'head scratcher' - Welcomes wage growth as sign of a healthy jobs market - Fed has room to overshoot inflation target - 'It will be a while' before US has made enough progress to talk about tapering
  • US 10-Year Treasury yield extending to session highs and steering the Nasdaq to new lows of the day $NDX $QQQ $NQ_F https://t.co/ReXcLVpGy8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.77%, while traders in Wall Street are at opposite extremes with 78.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wI1kMvJkwU
  • The price of gold extends the series of higher highs and lows from the previous week even though the 10-Year US Treasury yield retraces the decline following the US Non-Farm Payrolls (NFP) report. Get your $XAUUSD market update from @DavidJSong here:https://t.co/kyW7ukihdY https://t.co/keRXgNxmyp
  • Fed's Evans: - Very optimistic US will get back to strong job numbers - Still expects unemployment to fall below 5% this year $USD $DXY $TNX
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.67% US 500: -0.15% France 40: -0.18% Germany 30: -0.20% FTSE 100: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/f9gTcPN7Ev
  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here: https://t.co/o6LAHTn29c
EUR/USD Weekly Price Outlook: ECB on Deck - Euro Levels to Know

EUR/USD Weekly Price Outlook: ECB on Deck - Euro Levels to Know

Michael Boutros, Strategist

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. Euro has continued to hold above a key support barrier we’ve been tracking for the past few months and we’re looking for a reaction heading into the ECB interest rate decision this week. Here are the key targets & invalidation levels that matter on the EUR/USD weekly chart heading into the close of the year. 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 Weekly Price Chart

Please add a description for the image.

Notes: In my previous EUR/USD Weekly Technical Outlook we noted that, “Euro has responded to long-term support and keeps the focus weighted to the topside while above 1.13,” – a level defined by the November 2016 high and the 200-week moving average. Price has continued to respect this threshold and on weekly close basis and we’re looking for the break of this multi-week consolidation structure for guidance.

Initial weekly resistance stands with the September high-week reversal close at 1.1603 backed by the 38.2% retracement of the yearly range at 1.1728. A break below 1.13 would keep the focus on the 61.8% retracement of the 2017 advance at 1.1186 – look for a bigger reaction there IF reached.

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

Bottom line: The monthly opening range has taken shape just above confluence support and we’re look for the break for guidance. From a trading standpoint, the broader short-bias remains at risk while above this level and for now, I’ll be on the lookout for possible price exhaustion on a move towards 1.13 again. I’ll publish an updated EUR/USD scalp report once we get further clarity on near-term price action.

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

EUR/USD Trader Sentiment

EUR/USD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at +1.1 (52.4% of traders are long) – neutral reading.
  • Traders have remained net-long since November 23rd; price has moved 0.2% higher since then
  • Long positions are 3.7% lower than yesterday and 17.2% lower from last week
  • Short positions are 8.0% higher than yesterday and 9.7% 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 less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse higher despite the fact traders remain net-long.

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

    Relevant EUR/USD Data Releases

    Please add a description for the image.

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

    Previous Weekly Technical Charts

    Learn how to Trade with Confidence in our Free Trading Guide

    --- Written by Michael Boutros, Technical 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