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
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
GBP/USD
Mixed
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • $USDMYR rose as #Malaysian CPI clocked in at 1.1% y/y versus 1.3% expected. Most of the Ringgit's weakness was already delivered as risk trends soured in APAC trade. #USD rose as #Nikkei225 futures fell, reacting to the latest #Brexit drama (as expected) - https://t.co/vtMaQur9Rr https://t.co/uZumSqSFWO
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.94%, while traders in Germany 30 are at opposite extremes with 77.96%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/c9YDTgwiOp
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.18% 🇨🇭CHF: -0.03% 🇪🇺EUR: -0.05% 🇬🇧GBP: -0.17% 🇳🇿NZD: -0.20% 🇦🇺AUD: -0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iw4jyVH1GO
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.18% US 500: -0.28% France 40: -0.75% Germany 30: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bRx6YViuFL
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/VUulaSvv72
  • My trading video for today: 'Both $GBPUSD and S&P 500 Advance Halted by #Brexit Headlines, $EURUSD In ECB's Pull https://www.dailyfx.com/forex/video/daily_news_report/2019/10/23/Both-GBPUSD-and-SP-500-Advance-Halted-by-Brexit-Headlines-EURUSD-In-ECBs-Pull.html?utm_source=Twitter&utm_medium=Kicklighter&utm_campaign=twr
  • I am beginning a new article series that ties into my discussions each week regarding IG Client Sentiment. Check out today's report where the focus was on the British Pound. You may also find a video of the recording there $GBPUSD $GBPJPY #Brexit - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/23/GBPUSD-and-GBPJPY-Contrarian-Outlook-May-Shift-on-Brexit-Delay.html?CHID=9&QPID=917702 https://t.co/yKH8Qz6qUd
  • Recent $USD weakness may give way to the next leg in an almost two-year uptrend as markets stockpile cash despite the Fed’s interest rate cut cycle.Get your market update from @IlyaSpivak here: https://t.co/CSvCbTCDxc https://t.co/m9va7qYDni
  • IMF cuts 2019 Asia growth forecasts to 5 percent, down by 0.4% in April . 2020 expansion expectations are now seen at 5.1%, weaker by 0.3% compared to the prior estimate -BBG #IMF
  • #USDBRL appears to be hovering in a congestive zone after it broke the August uptrend and is now indecisively floating between 4.0538-4.1935. A break lower with follow-through could precede an aggressive decline. Will keep you all posted. https://t.co/WBlIhfIGia
USD Retains Bullish Trend- Bearish Euro Divergence on Tap?

USD Retains Bullish Trend- Bearish Euro Divergence on Tap?

2013-12-27 17:35:00
David Song, Currency Strategist
Share:

Talking Points:

- USDOLLAR Threatens Bullish Trend; Closing Price in Focus

- Euro Retains 2008 Trend; Bearish Divergence Taking Shape?

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10676.21

10700.81

10631.5

-0.19

166.68%

USDOLLAR Daily

Forex_USD_Retains_Bullish_Trend-_Bearish_Euro_Divergence_on_Tap_body_Picture_3.png, USD Retains Bullish Trend- Bearish Euro Divergence on Tap?

Chart - Created Using FXCM Marketscope 2.0

  • Will Retain Bullish Bias on Close Above 10,657 (61.8 expansion)
  • Relative Strength Index Suggests Bullish Momentum Retains Intact
  • Interim Resistance: 10,753 (23.6 expansion) to 10,759 (61.8 retracement)
  • Interim Support: 10,657 (61.8 extension)- Closing Basis

Release

GMT

Expected

Actual

No Scheduled Releases

The sharp decline in the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) was short-lived amid thin market conditions, and we will preserve a bullish outlook on a close above 10,657 (61.8 percent Fibonacci expansion) as the upward trend remains intact.

With the slew of Fed officials (Charles Plosser, Jeremy Stein, Jeffrey Lacker, Ben Bernanke, William Dudley, Eric Rosengren, and Narayana Kocherlakota) scheduled to speak following the New Year holiday, any updates regarding the taper-timeline may help to instill an improved outlook for the greenback, and the group may sound more upbeat this time around as the central bank moves away from its easing cycle.

However, if the policymakers keep their lips sealed on the exit strategy, dismal developments coming out of the U.S. economy may put the bullish dollar trend at even greater risk, and the fundamentals may play a larger role in driving USD price action in 2014 as market participants weigh the outlook for monetary policy.

Join DailyFX on Demandto Cover Current U.S. Dollar Trade Setups

Forex_USD_Retains_Bullish_Trend-_Bearish_Euro_Divergence_on_Tap_body_ScreenShot170.png, USD Retains Bullish Trend- Bearish Euro Divergence on Tap?

EURUSD Daily

Forex_USD_Retains_Bullish_Trend-_Bearish_Euro_Divergence_on_Tap_body_Picture_1.png, USD Retains Bullish Trend- Bearish Euro Divergence on Tap?
  • Close Below 1.3800 May Foreshadow Range-Bound Prices
  • Interim Resistance: 1.3800 (100.0 expansion) to 1.3830 (61.8 retracement)
  • Interim Support: 1.3650 (50.0 & 78.6 expansion)- Closing Basis

The dollar weakened against two of the four components, led by a 0.57 percent rally in the Euro, and the short-term spike in the EURUSD may fail to generate a longer-term trend as it struggles to hold above the 1.3800 handle.

Indeed, European Central Bank (ECB) board member Jens Weidmann argued that ‘subdued price pressures shouldn’t be a license for arbitrary monetary-policy easing as the board mulls negative deposit rates, but the Governing Council may have little choice but to implement more non-standard measures over the near-term as the protracted recovery raises the risk for disinflation.

Nevertheless, the EURUSD may make another run at the 1.3900 region as it retains the Relative Strength Index continues to carve a series of higher lows, but a bearish divergence may start to take shape as long as price holds below the downward trendline dating back to 2008.

--- 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 DailyFX 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.

DISCLOSURES

News & Analysis at your fingertips.