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
Oil - US Crude
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
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
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
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
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:https://t.co/sR7HqpK8BI https://t.co/Q6WGzHhudp
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/2MCG036HGH https://t.co/CbnRsuyRwi
  • #Gold saw its worst performance the past 5 days in 5 months as longer-dated government bond yields in developed countries rose Could this be the beginning of a turning point in #XAUUSD? https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/08/15/Gold-Price-Outlook-Will-XAUUSD-Brush-off-Worst-Week-in-5-Months.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/x2Indk3b7P
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/PT09ZsIOCa
  • The US #Dollar may rise, buoyed by haven demand as fiscal stimulus talks stagnate and swelling tensions between Washington and Beijing sink trade talks. Get your #currencies update from @DanielGMoss here: https://t.co/Wcw9PDUr67 https://t.co/gnYZYl6aLV
  • Upside in #CrudeOil struggling ahead of #OPEC meeting. Cartel likely to maintain wait and see approach. Get your #commodities update from @JMcQueenFX here: https://t.co/gNHHKoTUzm https://t.co/eF40DRIBJ5
  • #Gold had some big moves last week, and while vol is expected to die down a bit, it will be important to see if gold can hold its ground in the coming days/weeks. Get your #metals update from @PaulRobinsonFX here: https://t.co/N8a84hRnHN https://t.co/3fjodPHTDm
  • The S&P 500's refusal to hit a record and Dollar's anchor to range this past week is sign of summer liquidity conditions, but the quiet is not insurmountable. 'S&P 500 Record and Dollar Break Look to Stimulus and Trade to Override Seasonality' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/15/SP-500-Record-and-Dollar-Break-Look-to-Stimulus-and-Trade-to-Override-Seasonality-.html https://t.co/mbvPkdQfYl
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkcMZBK https://t.co/kFk6ccU3Sk
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/aXSB0bG3y0
Euro Price Analysis: EUR/USD Tests Resistance Ahead of ECB, EU Summit

Euro Price Analysis: EUR/USD Tests Resistance Ahead of ECB, EU Summit

2020-07-15 19:27:00
James Stanley, Strategist
Share:

Euro Price Analysis:

  • Tomorrow’s economic calendar brings a rate decision from the ECB, set to take place at 7:45 AM ET with the accompanying press conference kicking off at 8:30 AM ET.
  • While little is expected around tomorrow’s ECB rate decision, the EU Summit may be more eventful or contentious for financial markets.
  • Ahead of the drivers, EUR/USD has pushed up to a fresh four-month high, testing a key zone of resistance along the way. Thus far, buyers have been held at bay by this area on the chart, setting up an interesting backdrop in the pair and the Euro for the coming days.

EUR/USD Tests Key Resistance Ahead of ECB, EU Summit

The stage is setting up for the Euro and earlier this morning, EUR/USD pushed up to a fresh four-month-high, finding resistance in the lower-portion of a zone that’s been in-play going back to 2018. I had looked into this in yesterday’s webinar, relating the bullish move in EUR/USD to the bearish move in USD.

In EUR/USD, the big zone of resistance referred to above spans from 1.1448 up to the 1.1500 psychological level. The latter of those prices is taken from the 2017-2018 major move with 1.1448 being the 50% marker. This zone first came back into the equation in May of 2018 as the Euro was selling off on the back of rising political risk. This was shortly after that M5/Matteo Salvini wins in Italy as global market participants geared up for a debt standoff between Rome and Brussels.

Building Confidence in Trading
Building Confidence in Trading
Recommended by James Stanley
Building Confidence in Trading
Get My Guide

That zone slowed the sell-off, first coming into play in May but finally giving way in November of 2018. A late-year rally saw prices firm but this area soon became resistance, and after an inflection in March of last year prices sold-off and didn’t return until a year later.

EUR/USD Weekly Price Chart

EURUSD Weekly Price Chart

Chart prepared by James Stanley; EUR/USD on Tradingview

It was the test of that zone a year later that remains of interest. In the month of March, as the coronavirus was being priced-in, the US Dollar quickly dropped as expectations were gearing up for softer policy out of the US Federal Reserve. In short order the USD was trading at fresh yearly lows and EUR/USD at fresh yearly highs.

Starts in:
Live now:
Aug 25
( 17:08 GMT )
James Stanley's Tuesday Webinar
Trading Price Action
Register for webinar
Join now
Webinar has ended

Price action jumped into the 1.1448-1.1500 zone, and buyers even drove for a bit. But – they slowed down before 1.1500 came into play and the high ended up showing just 4 pips shy of the psychological level. That’s around that time that USD-strength came screaming back, and EUR/USD folded-lower in response, quickly rushing down to a fresh yearly low just two weeks after setting the high.

Now, four months later, that big resistance zone is back in play. And there are two large drivers sitting ahead with tomorrow’s ECB rate decision and the EU Summit. Is now the time that bulls can push through this resistance zone, crafting a fresh yearly high in the EUR/USD?

EUR/USD Daily Price Chart

EURUSD Daily Price Chart

Chart prepared by James Stanley; EUR/USD 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

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.