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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • BoJ officials are reportedly prepared to stem any risk of 10yr yields rising too much ahead of policy review and could even act before yields hit 0.2%, according to sources $JPY
  • 🇪🇸 Markit Manufacturing PMI (FEB) Actual: 52.9 Expected: 52 Previous: 49.3 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.62% 🇳🇿NZD: 0.54% 🇨🇦CAD: 0.39% 🇪🇺EUR: -0.01% 🇯🇵JPY: -0.06% 🇨🇭CHF: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GsYVGf2e8D
  • Heads Up:🇨🇭 https://t.co/IuJgBT6cP0 Manufacturing PMI (FEB) due at 08:30 GMT (15min) Expected: 60 Previous: 59.4 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.45% France 40: 1.26% Germany 30: 1.20% US 500: 1.15% Wall Street: 0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/IJvDb1nDQE
  • Heads Up:🇪🇸 Markit Manufacturing PMI (FEB) due at 08:15 GMT (15min) Expected: 52 Previous: 49.3 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Euro Price Forecast: EUR/USD, EUR/JPY Eyeing ECB Weekly Bond Purchases - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/01/Euro-Price-Forecast-EURUSD-EURJPY-Eyeing-ECB-Weekly-Bond-Purchases.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $EUR $EURUSD $EURJPY https://t.co/2phQjBQPO1
  • 🇨🇭 Retail Sales YoY (JAN) Actual: -0.5% Previous: 5.4% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇨🇭 Retail Sales YoY (JAN) due at 07:30 GMT (15min) Previous: 4.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/y5QA5ZNvgs
EUR/USD Breaks Out; Retail FX Remains Net-Short Ahead of Draghi

EUR/USD Breaks Out; Retail FX Remains Net-Short Ahead of Draghi

David Song, Strategist

Talking Points:

- EUR/USD Breaks Out; Retail FX Remains Net-Short Ahead of Draghi Comments.

- GBP/USD Squeezes Higher- Bullish Formation Remains in Play Ahead of BoE.

- USDOLLAR Breaks Down as Mixed Data Continues- Fed’s Dudley Highlights Dovish Outlook.

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

  • The diverging paths for monetary policy casts a long-term bearish outlook for EUR/USD especially as the European Central Bank (ECB) keeps the door open to further embark on its easing cycle, but the failure to retain the range-bound price action may highlight a larger recovery especially as the Relative Strength Index (RSI) breaks out of the downward trend carried over from back in December.
  • With ECB President Mario Draghi scheduled to speak on Thursday, dovish comments from the central bank head may dampen the appeal of the Euro, but the single-currency may continue to follow broader risk trends as market sentiment deteriorates.
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains short EUR/USD since February 1, but the ratio appears to be quickly working its way back towards recent extremes as it slips to -1.58, with 39% of traders now long.

GBP/USD

GBP/USD Daily Chart
  • GBP/USD may continue to squeeze higher over the coming days as the RSI breaks out of the bearish formation from back in May, with the oscillator carving out a near-term series of higher highs & lows.
  • Even though the Bank of England (BoE) is widely expected to retain its current policy, another 8 to 1 split along with increased concerns of overshooting the inflation-target on a longer-time horizon may generate a larger rebound in GBP/USD as it fuels interest rate expectations.
  • Will keep a close eye on the topside targets, with the first hurdle coming in around 1.4620 (50% expansion) to 1.4660 (50% retracement), followed by former-support around 1.4910 (61.8% retracement) to 1.4930 (38.2% expansion).

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12116.89

12241.01

12115.79

-0.95

275.63%

EUR/USD Breaks Out; Retail FX Remains Net-Short Ahead of Draghi USDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • The USDOLLAR stands at risk of facing additional headwinds ahead of the highly anticipated U.S. Non-Farm Payrolls (NFP) report as the ISM Non-Manufacturing survey highlights a slowing recovery, while New York Fed President William Dudley strikes a dovish outlook for monetary policy ahead of the next interest rate decision on March 16.
  • Will keep a close eye on fresh comments from Cleveland Fed President Loretta Mester, a 2016-voting member on the Federal Open Market Committee (FOMC), as market participants scale back bets for a rate-hike in the first-half of 2016.
  • Failure to hold above former resistance around 12,176 (78.6% expansion) to 12,219 (November high) may spur a move back towards 12,049 (78.6% retracement) to 12,082 (61.8% expansion).
DailyFX Calendar

Read More:

Silver and Platinum Price Action Not Supporting Gold Fervor

USD/CAD Technical Analysis: CAD Bulls Likely In Charge below 1.4325 (Levels)

COT-Big Increase in Net Long Position for Crude Oil Trend Followers

USD/JPY-Don’t Forget about the 26 Year Trendline

Get our top trading opportunities of 2016 HERE

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

--- 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

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

DISCLOSURES