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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Bullish
GBP/USD
Bearish
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.11%, while traders in Germany 30 are at opposite extremes with 74.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lyppug4pkN
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the weekly open! https://t.co/chKtG7ezG9
  • What are some trading takeaways from 2020, as we jump into 2021? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/aRwDcR3vTc
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZnn4H
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.14% 🇪🇺EUR: -0.02% 🇨🇭CHF: -0.05% 🇨🇦CAD: -0.17% 🇦🇺AUD: -0.52% 🇳🇿NZD: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/PBWIlTgB2d
  • $Gold another fresh 3 month high getting closer and closer to the big test. Bull flag resistance confluent with fibo zone, just ahead https://t.co/N1tUmUKBIa
  • Please join @MBForex at 8:30 EST/12:30 GMT for your weekly scalping webinar. Register here: https://t.co/fnmiAygMWK https://t.co/HNKulK5xoL
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-05-17
  • $USDCAD at a massive level as it challenges the neckline of a Double Top formation carved out over the past 4 years A weekly close below the psychologically pivotal 1.2000 handle could pave the way for prices to tumble towards parity in the coming months $CAD https://t.co/hcqat64uhY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.33%, while traders in Germany 30 are at opposite extremes with 76.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gDRCfZglWe
FX Market Readies for Weekend Summit for Greece Deal

FX Market Readies for Weekend Summit for Greece Deal

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- European FX pairs quiet as market awaits summit on Saturday.

- May be deemed best risk management to lower leverage today.

- See the June forex seasonality report.

If you've been away from the market for the past 24-hours, depending upon where you look, it might not seem like you've missed anything at all. The European FX pairs in particular are a bit quieter this Friday, as traders slow their pace with the Eurogroup summit having been pushed back from Thursday to Saturday. With German Chancellor Merkel reportedly saying that she 'wants a deal done before markets open on Monday,' it seems all but certain this weekend will produce a bevy of headlines that could very well lead to wide disparities in price at the open - gaps from the Friday close.

As such, it may be deemed best risk management practice for traders to reduce position size and leverage ahead of the close of markets later today. While the potential outcome for Greece is unknown - the absolute magnitude of the fallout around a positive or negative outcome will be enough to have a significant impact on prices over the weekend.

While there are several interesting setups in the USD-pairs in play or currently developing right now, the propensity for these pairs to have a varied open on Sunday from today's close almost makes today's charts - with two days of no trading ahead of us - less significant than Sunday's charts - with five days of trading ahead. Factoring in a less than exciting DailyFX economic calendar for Friday, June 26, and it may be best to hold off on the trigger until the market opens on Sunday.

One development we're keen on watching through the weekend will be the Greek negotiation's impact on the EUR-crosses, which have recently arrived at key technical junctures. Needless to say, a gap and hold through these levels of significance (covered yesterday, and still valid today) at the market open on Sunday could have material repercussions for price in the days ahead.

Going into next week, it's also important to be mindful of the holiday-shortened calendar, resulting in the most important economic data of the week - the June US Nonfarm Payrolls report - being released on Thursday as opposed to its usual 'first Friday of the month' routine. As such, in a compressed week bookended by major events - the Greek negotiations over the weekend and the US labor data on Thursday - volatility may be running a bit higher than it may otherwise would have at the turn of the year.

See the above video for technical considerations in EURUSD, GBPUSD, USDJPY, AUDUSD, and the USDOLLAR Index.

Read more: EUR-crosses Face Retest of Breakouts as Greece Faces Deadline

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES