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.

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
EUR/USD
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
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: NYM WTI Crude 35.39 (-2.13%), ICE Brent Crude 37.68 (-1.52%), NYM NYH Gasoline 104.60 (-0.52%). [delayed]
  • USD/ZAR: New support may be established at the 16.1000 zone as the price pushed off this level after uncertainty around US stimulus negotiations. Get your $USDZAR market update from @WVenketas here:https://t.co/AQaNSMuZce https://t.co/K5yNYufxLX
  • What are some factors affecting the $USD this quarter? With the US #Elections2020 on Tuesday. Get your free forecast here.https://t.co/7G7pWntiyY https://t.co/6tyRkIXNIe
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in NZD/USD are at opposite extremes with 64.38%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FK6WQOsr0r
  • Speaker Pelosi says she has a major difference of opinion with White House administration on relief - BBG
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.85% Gold: 0.79% Oil - US Crude: -1.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nJC51ehlu4
  • The price of gold bounces back from a fresh monthly low ($1860) on the back of US Dollar weakness. Get your $XAUUSD market update from @DavidJSong here:https://t.co/kFDANiwAm1 https://t.co/yPgmAR4P8Y
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇬🇧GBP: 0.08% 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.14% 🇳🇿NZD: -0.14% 🇪🇺EUR: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/86MpRGrAms
  • Daily virus cases rise to 31,084 in Italy, new record - BBG
  • "Exquisitely Focused" Great conversation and takeaways on a call this morning with @GuyAdami and the @DailyFX, @IG_US, @Nadex teams!
Euro Price Outlook: EUR/USD Tests Support, ECB on Deck

Euro Price Outlook: EUR/USD Tests Support, ECB on Deck

2020-01-22 13:30:00
James Stanley, Strategist
Share:

Euro (EUR) Price, Chart and Analysis

  • Euro price action has been quiet with EUR/USD range-bound of recent.
  • Tomorrow brings the ECB rate decision, Christine Lagarde’s second atop the bank.

Euro Calm Reaches Historic Levels – May Not Last for Long

The lack of volatility in EUR/USD is reaching historic levels after a quiet Q4 outlay saw the pair build into a range, and that came after the first three quarters of last year showed limited movement compared to what the pair has usually done. The Average True Range indicator is currently showing a read of 113.5 pips on the weekly chart – a far cry from the 325 pips that showed in the summer of 2015 or even the 177 pips that showed around last year’s open. A combination of similarly loose monetary policy at the Fed and the ECB, combined with some receding of worry around European politics has allowed for the pair to spend most of the past three months inside of a 375-pip range.

EUR/USD Weekly Price Chart

eurusd eur/usd euro to us dollar weekly chart

Chart prepared by James Stanley; EURUSD on Tradingview

EUR/USD Range in Focus Ahead of ECB

Since August of last year EUR/USD price action has been confined to a 375-pip range; with resistance coming in at a confluent zone of Fibonacci levels while support has been a bit more variable. The 1.1000 level has had a penchant to bring buyers into the mix, although the early-Q4 ramp of USD-strength saw the price dip inside of the 1.0900-handle, albeit temporarily.

More recently, support has come-in around another key area on the chart, and this is at 1.1082, which is the 38.2% Fibonacci retracement of last year’s June-October sell-off. This level showed resistance in late-November followed by support in late-December; and for the past three trading days helped to bring buyers back into the pair.

This sets up for a fairly interesting backdrop ahead of tomorrow’s European Central Bank rate decision.

EUR/USD Daily Price Chart

eurusd eur/usd euro to us dollar daily chart

Chart prepared by James Stanley; EURUSD on Tradingview

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES