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
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/UmubxiDXGc
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/e4G1gTGhex
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/pS48NIuwqX
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/gFVVZTGbe1
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/nHXiNJhLes
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
  • $USDCAD sold off aggressively last week, putting it into position to test the important 2017 low; trading bias is neutral to bearish. Get your market update from @PaulRobinsonFX here: https://t.co/sphxUAW9TB https://t.co/ZhsTeJOOM8
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
EUR/USD Price Outlook: Euro Breakout Imminent- Battle Lines Drawn

EUR/USD Price Outlook: Euro Breakout Imminent- Battle Lines Drawn

Michael Boutros, Strategist

Euro is virtually unchanged for the month of December with price continuing to trade within the confines of a multi-month consolidation structure. These are the updated targets and invalidation levels that matter on the EUR/USD chartson the heels of today’s European Central Bank (ECB) interest rate decision. 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 my latest EUR/USD Weekly Technical Outlook we noted that, “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.

Euro registered a low at 1.1306 this week before rebounding with the monthly opening-range still intact post-ECB. Note that the broader consolidation structure off the November range remains in focus with the broader short-bias vulnerable while above this week’s low.

Learn how to Trade with Confidence in our Free Trading Guide

EUR/USD 240min Price Chart

EUR/USD 240min Price Chart

Notes: A closer look at price action highlights sees euro continuing to trade within the confines of the ascending pitchfork formation we’ve been tracking off the yearly lows with price rebounding sharply off confluence support this week at 1.1308. Price would need to hold above the highlighted slope confluence around ~1.1320 for the advance to remains viable.

Weekly open resistance stands at 1.1390 with a breach above the December opening-range highs at 1.1443 needed to validate the breakout- such a scenario targets 1.1472 backed by the 1.15-handle and more significant Fibonacci resistance at 1.1516/24.

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

Bottom line: Price is responding to multi-month consolidation support and IF euro is heading higher, price would need to stabilize here above the 1.13-handle. From a trading standpoint, I’ll favor fading weakness while above this threshold but ultimately a breach above 1.1443 is needed to suggest a larger advance is underway. A break sub-1.1308 would invalidate the rebound play and expose 1.1270 backed by critical long-term Fibonacci support 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

EUR/USD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at 1.17 (54% of traders are long) – neutralreading
  • Traders have remained net-long since November 23rd; price has moved 0.3% lower since then
  • Long positions are13.4% lower than yesterday and 8.0% lower from last week
  • Short positions are 16.2% higher than yesterday and 5.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Euro prices may continue to fall. Yet traders are less net-long than yesterday & compared with last week and the 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

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!

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