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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
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
More View more
Real Time News
  • Crude oil prices fell 4 days in a row, weighed by virus concerns and a much higher-than-expected rise in US crude stockpiles. According to EIA reports, US crude oil inventory climbed by 4.32 million barrels in the week ending Oct 23rd, much higher than a 1.23 million forecast.
  • 🇯🇵 Retail Sales YoY (SEP) Actual: -8.7% Expected: -7.7% Previous: -1.9%
  • 🇯🇵 Foreign Bond Investment (24/OCT) Actual: ¥-1,010.8B Previous: ¥419.8B
  • Heads Up:🇨🇳 Communist Party Annual Meeting due at 00:00 GMT (15min)
  • Heads Up:🇯🇵 Retail Sales YoY (SEP) due at 23:50 GMT (15min) Expected: -7.7% Previous: -1.9%
  • Heads Up:🇯🇵 Foreign Bond Investment (24/OCT) due at 23:50 GMT (15min) Previous: ¥419.8B
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:
  • - Biden-Trump betting odds continue to show Biden way ahead of the incumbent - Investors should not get complacent – there is precedent for an unexpected win - Gold price decline may accelerate after XAU/USD broke a multi-week uptrend
  • GBP/USD looks likely to continue to trade around the 1.30 level as the talks between the EU and the UK on their future trade relationship continue. Get your GBP/USD market update here:
  • Wall Street Futures Update: Dow Jones (+0.451%) S&P 500 (+0.498%) Nasdaq 100 (+0.530%) [delayed] -BBG
Euro Price Outlook: EUR/USD Breakout Targets- Battle Lines Drawn

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

2019-09-16 18:30:00
Michael Boutros, Strategist

Euro reversed off downtrend resistance against the US Dollar last week with decline now testing monthly open support. The immediate focus is on a breakout of last week’s range - these are the updated targets and invalidation levels that matter on the EUR/USD price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro price setup and more.

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

Euro Price Chart – EUR/USD Daily

Euro Price Chart - EUR/USD Daily - Euro vs US Dollar Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Technical Outlook: In this month’s Euro Weekly Price Outlook we noted that EUR/USD was “poised to mark a massive reversal candle off slope support – IF EUR/USD has indeed turned the corner, look for exhaustion pullbacks to be limited to the monthly open.” A brief retest of the September opening-range lows post-ECB unleashed a rally into confluence resistance on Friday at 1.1107- price has pulled back from this threshold early in the week with the decline once again approaching monthly open support at 1.0990. We’re now looking for a breakout of the weekly opening-range for guidance

Why does the average trader lose? Avoid these Mistakes in your trading

Euro Price Chart – EUR/USD 240min

Euro Price Chart - EUR/USD 240min - Euro vs US Dollar Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Notes: A closer low at Euro price action sees EUR/USD continuing to trade within the confines of a descending pitchfork formation extending off the June highs with the upper parallel further highlighting resistance last week at 1.1107/12 – a region defined by the May lows and the 38.2% retracement of the June decline. The pullback is now testing initial support at 1.0990/96 with the 2019 low-day close just lower at 1.0973- a break / close below this threshold is needed to mark resumption of the broader downtrend targeting the yearly low at 1.0926.

Weekly open resistance stands at 1.1073 with a breach above the Friday highs needed to suggest a more significant low was put in this month. Such a scenario would shift the focus back towards subsequent resistance objectives at 1.1167 & 1.1187.

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

Bottom line: Euro turned from downtrend resistance last week and the focus is on a test of key support targets just lower with a hold above the low-day close needed to keep the rebound viable. From a trading standpoint, a good place to reduce short-exposure / lower protective stops - looking for signs of possible exhaustion ahead of 1.0973. Ultimately a breach above 1.1112 is needed to put the bulls in control.

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trade Sentiment - EUR/USD Price Chart
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at +1.37 (57.9% of traders are long) – weak bearish reading
  • Traders have remained net-long since July 1st; price has moved 1.9% lower since then
  • Long positions are 6.6% lower than yesterday and 13.2% lower from last week
  • Short positions are4.9% lower than yesterday and 1.4% 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 Euro retail positioning are impacting trend- Learn more about sentiment!


Key Euro / US Data Releases

EUR/USD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk.

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.