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.

Free Trading Guides
EUR/USD
Mixed
GBP/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
USD/JPY
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
Gold
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
Bitcoin
Bearish
More View more
Real Time News
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
  • What are some risk trading management techniques? Find out: https://t.co/RShdlDz9RA #tradingstyle https://t.co/M3ASPIHAep
  • #Dow Jones stages impressive recovery on a firm NFP report. #FTSE 100 eyes UK general election. Get your equities technical analysis from @JMcQueenFX here: https://t.co/o28UcG6N3l https://t.co/SwGAaFCFND
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
EUR/USD Weekly Price Outlook: Euro Challenges 1.13 Support Pivot

EUR/USD Weekly Price Outlook: Euro Challenges 1.13 Support Pivot

2019-02-11 20:30:00
Michael Boutros, Technical Strategist
Share:

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 fallen more than 1.7% against the US Dollar since the start of the year with price now threatening a critical support zone we’ve been tracking for months. These 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 Weekly Price Chart

EUR/USD Price Chart - Euro Weekly

Notes: In last month’s EUR/USD Weekly Technical Outlook we noted that price was approaching confluence downtrend resistance at 1.1586 with a breach above needed to validate a technical breakout. Euro registered a high at 1.1570 before pulling back with the decline now threatening a break below critical support at the 1.13-handle.

A weekly close below this level is needed to keep the immediate short-bias viable targeting 1.1223 and the 61.8% retracement of the 2017 advance at 1.1187. Longer-term pitchfork support rests just lower around ~1.1080s. Resistance stands at the trendline confluence at ~1.1450 with a breach above the 1.16-handle still needed to shift the focus higher in Euro.

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

Bottom line: We’re looking for a weekly close below the figure to validate a break of support targeting fresh multi-year lows. From a trading standpoint, EUR/USD remains at risk for further losses while below 1.13 – a good place to lower protective stops but fresh shorts from here are not favored and I’ll be on the lookout for a near-term exhaustion recovery to offer opportunity. I’ll publish an updated EUR/USD Price Outlook once we get further clarity on the near-term trading levels.

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 +2.79 (73.6% of traders are long) – bearish reading
  • Traders have remained net-long since February 4th; price has moved 1.4% lower since then
  • Long positions are 12.5% lower than yesterday and 15.4% higher from last week
  • Short positions are 35.1% lower than yesterday and 58.6% 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

Please add a description for the image.

Economic Calendar - 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

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

DISCLOSURES

News & Analysis at your fingertips.