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.

Free Trading Guides
Oil - US Crude
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
  • #Gold: Price is holding up well with a small consolidation phase that could lead gold higher towards the 1680/1700 region. Get your $XAUUSD market update from @PaulRobinsonFX here: https://t.co/R5C6K0IVWh https://t.co/Gw0DX1VAgB
  • #Crypto update: $BTC +4.7% $BCH +6.2% $ETH +4.1% $LTC +2.4% $XRP +2.4%
  • RT @SPGlobalRatings: As the longest economic expansion in U.S. history abruptly ends, we forecast GDP will drop 1.3% this year--on par with…
  • $USDCAD staged a meteoric rise earlier this month before stalling out around 1.4669. Get your USD/CAD technical analysis from @PeterHanksFX here:https://t.co/22H6lN4e99 https://t.co/cjR1NfQJz6
  • RT @dlacalle_IA: Moody's estimates that around 22% of non-investment grade debt in Europe will not be able to service their debt, vs 1.5% a…
  • President Trump and President Putin agreed in a phone call on the importance of stability in global energy markets according to White House #CrudeOil
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.44% Gold: -0.49% Silver: -3.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/O8t1oXzJVt
  • RT @JWagnerFXTrader: #Gold down trend imminent...likely see $1400 before we see $1705 https://t.co/nHO1vUu9Nm
  • RT @HayekAndKeynes: Dividend futures are pricing out serious pain for years https://t.co/1ikNBSiVbC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.84%, while traders in US 500 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/LeEJDZV2lC
Bullish EURUSD Momentum Falters- Carves Top on ECB/Fed Policy

Bullish EURUSD Momentum Falters- Carves Top on ECB/Fed Policy

2013-09-23 15:45:00
David Song, Strategist

Talking Points:

- USDOLLAR Consolidates as FOMC Remains Data-Dependent

- Euro Struggles as European Central Bank (ECB) Sticks to Easing Cycle





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index







Forex_Bullish_EURUSD_Momentum_Falters-_Carves_Top_on_ECBFed_Policy_body_Picture_3.png, Bullish EURUSD Momentum Falters- Carves Top on ECB/Fed Policy

Chart - Created Using FXCM Marketscope 2.0

  • USDOLLAR Eyes Sunday Gap Open as It Holds June Low (10,469)
  • Former Support Offers Interim Resistance: 10,582 (23.6 expansion) to 10,589 (50.0 retracement)
  • Soft Support: 10,469 (June low)
  • Relative Strength Index Carving Bullish Momentum





Chicago Fed National Activity Index (AUG)




Fed's Dennis Lockhart Speaks on U.S. Economy


Fed's William Dudley Speaks on U.S. Economy


Fed's Richard Fisher Speaks on Banking Sector


The near-term pullback the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) continued to take shape on Monday as New York Fed President William Dudley and Atlanta Fed President Dennis Lockhart voiced their support for the highly accommodative policy stance, but the reserve currency certainly looks poised for a more meaningful recovery as the central bank remains largely on track to implement its exit strategy over the coming months.

Indeed, the bullish breakout in the Relative Strength Index should limit the downside for the USD, and we may see the greenback trade on a firmer footing later this week as the final 2Q GDP report is expected to show an upward revision in the growth rate to 2.6 percent from an initial forecast of 2.5 percent.

In turn, the fundamental and technical developments should encourage a more meaningful recovery in the USDOLLAR, and we may see a move back into the 38.2 percent Fibonacci expansion around 10,652 should we see a growing number of Fed officials show a greater willingness to taper the asset-purchase program at the October 29-30 meeting.

Forex_Bullish_EURUSD_Momentum_Falters-_Carves_Top_on_ECBFed_Policy_body_ScreenShot133.png, Bullish EURUSD Momentum Falters- Carves Top on ECB/Fed Policy


Forex_Bullish_EURUSD_Momentum_Falters-_Carves_Top_on_ECBFed_Policy_body_Picture_1.png, Bullish EURUSD Momentum Falters- Carves Top on ECB/Fed Policy
  • Poised to Mark Another Failed Attempt to Close Above 1.3530-40 (50.0 expansion)
  • RSI Comes Off of Overbought; Bullish Momentum Falters
  • Interim Resistance: 1.3650 (78.6 expansion) to 1.3710 (2013 high)
  • Former Resistance to Offer Support: 1.3360 (38.2 expansion) to 1.3380 Pivot

Three of the four components advanced against the greenback, led by a 0.67 percent rally in the Japanese Yen, while the Euro bucked the trend as European Central Bank (ECB) President Mario Draghi struck a rather dovish tone for monetary policy.

Indeed, Mr. Draghi argued that the Governing Council may implement another Long-Term Refinancing Operation (LTRO) to further insulate the monetary union, and it seems as though the ECB may have little choice but to further embark on its easing cycle as the governments operating under the monetary union become increasingly reliant on monetary support.

In turn, the EURUSD appears to be carving a top going into the end of September, and will for the downside targets to come into play amid the ongoing turmoil in the euro-area.

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on Analyst on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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


News & Analysis at your fingertips.