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. See our updated Privacy Policy here.

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
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.77%, while traders in France 40 are at opposite extremes with 69.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ATuT8Qs6wU
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.10% Oil - US Crude: 0.77% Gold: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KbRbN5AOsk
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/wOM86j8WF2
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.61% 🇳🇿NZD: 0.59% 🇪🇺EUR: 0.49% 🇦🇺AUD: 0.37% 🇨🇦CAD: 0.25% 🇯🇵JPY: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gq10tc4FsL
  • 🇮🇱 GDP Growth Rate QoQ 1st Est (Q1) Actual: -1.7% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.27% FTSE 100: 0.20% Germany 30: 0.19% France 40: 0.17% Wall Street: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UEpwILW93G
  • Heads Up:🇮🇱 GDP Growth Rate QoQ 1st Est (Q1) due at 10:00 GMT (15min) Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-05-18
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/trHmVeFRyd
  • US Dollar basket at a three-month low. #usdollar #usd @DailyFX https://t.co/kCGWgw4lVp
  • 💶 Balance of Trade (MAR) Actual: €15.8B Previous: €17.7B https://www.dailyfx.com/economic-calendar#2021-05-18
EUR/USD Technical Price Outlook: Euro Testing Lower Bounds of Support

EUR/USD Technical Price Outlook: Euro Testing Lower Bounds of Support

Michael Boutros, Strategist

Euro is down more-than 1.4% against the US Dollar since the January high with price now approaching multi-month uptrend support. These 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.

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, “Euro advance is targeting critical downtrend resistance around the 1.16-handle (broader bearish invalidation).” Price registered a high at 1.1570 before turning lower with the decline breaking back below the yearly open at 1.1445. Note that daily momentum failed to hold above the 60-threhsold and highlights the threat for further weakness.

Euro has continued to trade within the confines of an ascending pitchfork formation extending of the November low with this recent pullback now trading just above the lower 25% line of the slope. Interim resistance stands at the yearly open at 1.1445 with a breach above the high-day close at the 1.15-handle needed to mark resumption. Subsequent topside resistance objectives are eyed at the upper parallel / 61.8% retracement at 1.1586.

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 shows Euro trading within a tight descending channel off the Friday high with the median-line further highlighting near-term resistance at 1.1445. A break lower from here targets the 61.8% retracement of the November advance at 1.1351 backed by the highlighted trendline confluence around 1.1320 – look for a bigger reaction there IF reached (broader bullish invalidation & an area of interest for possible long-entries).

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

Bottom line: The EUR/USD pullback is approaching monthly up-trend support just lower and IF price is heading higher, Euro would need to hold above slope support. From a trading standpoint, look to reduce short exposure / possible exhaustion on a move towards the lower parallel. Ultimately, a larger setback may offer more favorable long-entries closer to daily slope support.

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 +1.49 (59.9% of traders are long) – bearishreading
  • Long positions are7.5% higher than yesterday and 30.6% higher from last week
  • Short positions are 16.5% lower than yesterday and 25.1% lower 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. Traders are further net-long than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger EUR/USD-bearish 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 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES