Skip to Content
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
More View More
Retail Crowd Remains Net-Short EUR/USD Ahead of Greek Bailout Talks

Retail Crowd Remains Net-Short EUR/USD Ahead of Greek Bailout Talks

David Song, Strategist

Talking Points:

- EUR/USD Range Vulnerable as Greece Struggles to Secure Bailout Extension.

- USD/CAD Rebound to Accelerate on Dismal Canada Retail Sales Report.

- USDOLLAR Holds Tight Range Ahead of FOMC Minutes; Forward-Guidance in Focus.

For more updates, sign up for David's e-mail distribution list.

EUR/USD

EUR/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Will continue to focus on the near-term range in EUR/USD as Greece struggles to secure an extension of its bailout program; will the event spur a ‘buy the rumor/sell the news’ reaction?
  • The Purchasing Manager Indices (PMI) coming out of the euro-area may help limit the downside risk for EUR/USD as the data prints are expected to show a pickup in economic activity.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-short EUR/USD, but seeing the ratio continue to narrow from the extreme readings from earlier this month as the ratio currently sits at -1.54.

USD/CAD

USD/CAD Daily Chart
  • Near-term rebound in USD/CAD may gather pace over the next 24-hours of trade as Canada’s Retail Sales report is expected to show a 0.4% contraction in December; may spur speculation for another Bank of Canada (BoC) rate cut.
  • Will also keep a close eye on oil prices amid the growing correlation with the Canadian dollar; crude remains vulnerable to a further decline as it struggles to hold above the $53 handle.
  • As USD/CAD continues to hold above the monthly opening low (1.2350), will keep a close eye on the string of lower-highs at 1.2696 and 1.2797.

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Gold Rebounds

USDOLLAR Back in Pre-FOMC Range - Will Greece Deal Stoke EUR/USD?

USDOLLAR(Ticker: USDollar):

IndexLastHighLowDaily Change (%)Daily Range (% of ATR)
DJ-FXCM Dollar Index11775.4411798.1711755.090.0070.17%
USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar pares decline to 11,754 despite the slew of dismal U.S. data; despite the cautious tone laid out in the Federal Open Market Committee (FOMC) Minutes, seeing mixed reactions to the fresh batch of central bank rhetoric.
  • Will retain bullish view for USDOLLAR as it continues to close above 11,774; waiting for a break of the bearish momentum in the Relative Strength Index (RSI) to favor a further advance in the greenback.
  • Until then, will continue to watch the near-term range of 11,721 (38.2% expansion) to 11,901 (78.6% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

ReleaseGMTExpectedActual
Initial Jobless Claims (FEB 14)13:30290K283K
Continuing Claims (FEB 7)13:302360K2425K
Philadelphia Fed Business Outlook (FEB)15:009.05.2
Leading Index (JAN)15:000.3%0.2%

Click Here for the DailyFX Calendar

--- 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