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
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here:
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here:
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - #Gold #XAUUSD $GOLD $GLD
Euro Price Outlook: EUR/USD Spirals into Support– Trade Levels

Euro Price Outlook: EUR/USD Spirals into Support– Trade Levels

2020-02-12 15:00:00
Michael Boutros, Strategist

Euro Technical Price Outlook: EUR/USD Near-term Trade Levels

  • Euro updated technical trade levels – Daily & Intraday Charts
  • EUR/USD plummets into technical support just above 2019 lows
  • Immediate focus is on a break of the 1.0879-1.0942 price range

Euro has been in free-fall against the US Dollar since the start of the month with EUR/USD down more than 1.8%. The collapse takes price towards support just above the 2019 lows and while the broader risk remains lower, the bears may be vulnerable here near-term. These are the updated targets and invalidation levels that matter on the EUR/USD price charts heading into the close of the week. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro trade setup and more.

Starts in:
Live now:
Nov 30
( 13:11 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

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:Euro has been trading within the confines of a descending pitchfork formation extending off the October / December highs with price rebounding off confluence support yesterday at the lower parallel / 2019 close low at 1.0897. The immediate short-bias may be vulnerable while above this threshold –a break / close below would be needed to mark resumption. Interim resistance now back at the low-day close at 1.0932 with broader bearish invalidation now lowered to 1.1016/24.

Euro Price Chart – EUR/USD 240min

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

Notes: A closer look at Euro price action sees EUR/USD trading within a near-term descending slope series extending off the yearly highs. The immediate focus is on key support at the 2019 low / close low at 1.0879/97- look for a reaction off this threshold. A break lower exposes subsequent support objectives at 1.0854 and 1.0814/22. A breach above the median-line / weekly open at 1.0932/42 would be needed to shift the near-term focus higher towards the 2019 low-week close / November low at 1.09736/81- look for a larger reaction there IF reached.

{{GUIDE|EUR |Download Our Latest Quarterly Euro Price Forecasts!}}

Bottom line: Euro is carving out the weekly opening-range just above near-term support at 1.0879/97 and we’re looking for the break for guidance. From at trading standpoint, an area of interest to reduce short-exposure / lower protective stops. Be on the lookout for downside exhaustion while above 1.0880 with a breach above 1.1024 needed to suggest a more significant low is in place. Stay nimble here- a break below this this support zone would likely fuel accelerated losses and could wash-out rather quickly. Review my latest Euro Weekly Price Outlook for an in-depth look at the longer-term EUR/USD technical trade levels.

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

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trader Sentiment - EUR/USD Price Chart - Euro vs US Dollar Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long EUR/USD - the ratio stands at +3.34 (76.97% of traders are long) – bearish reading
  • Long positions are 13.18% higher than yesterday and 67.10% higher from last week
  • Short positions are8.87% lower than yesterday and 31.00% 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.
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -28% 5% -5%
Weekly -15% 12% 5%
Learn how shifts in Euro retail positioning impact trend
Get My Guide


Key Euro / US Data Releases

Euro / US Key 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.