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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
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
More View more
Real Time News
  • What are the truths and lies of #forex trading regardless of your #tradingstyle here: https://t.co/uF75VPzstr https://t.co/cuH9YESlr2
  • The $SGD is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the SGD and how to trade it. Get your SGD market update from @ddubrovskyFX here:https://t.co/eWLM9XZs5Y https://t.co/HdiCLtSFre
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/4bgTwNqVvG
  • (Weekly Outlook) The Japanese #Yen faced a mixed week against currencies such as the US Dollar, Euro, British Pound and Canadian Dollar. What is ahead for $USDJPY, $EURJPY, $GBPJPY and $CAD/JPY? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/04/04/Japanese-Yen-Weekly-Forecast-USDJPY-EURJPY-GBPJPY-CADJPY.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Flgbd5b2ag
  • Foreign exchange – or “#forex” – markets often pay close attention to politics and central bank policy. We offer a model for traders to gauge their impact on exchange rates. Get your market insight from @ZabelinDimitri and @CVecchioFX here: https://t.co/FbXc1Awu6a https://t.co/Qbhs4ndgPa
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/AldbSctm9V
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/Sjnr0iVgAf
  • Upside momentum stalls with the #DAX and #FTSE 100 vulnerable to testing lower levels as the economic backdrop deteriorates further. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/BFIaXTfDcs https://t.co/q0Mso4zWlT
  • RT @iv_technicals: *TRUMP SAYS HE'D USE TARIFFS IF NEEDED TO PROTECT OIL INDUSTRY - BBG #OOTT #WTI $USO
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/yl4KUMNmUh
EUR/USD Bid Ahead of ECB Meeting; Topside Targets in Focus

EUR/USD Bid Ahead of ECB Meeting; Topside Targets in Focus

2016-06-01 15:35:00
David Song, Strategist
Share:

Talking Points:

- EUR/USD Bid Ahead of ECB Meeting; Topside Targets Favored on Wait-and-See Approach.

- USDOLLAR Weakness to Persist on Mixed Data, Slowing ISM Manufacturing.

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

EUR/USD

EUR/USD Daily Chart

Chart - Created by David Song

  • Even though the European Central Bank (ECB) keeps the door open to further embark on its easing cycle, more of the same from President Mario Draghi and Co. may fuel a larger advance in EUR/USD as the pair breaks out of the descending channel formation from early May and appears to have carved a near-term bottom around 1.1090 (50% retracement) to 1.1110 (50% retracement).
  • Beyond the details surrounding the ECB’s corporate-bond purchases and the Targeted Long-Term Refinance Operation (T-LTRO), the Governing Council may largely endorse a wait-and-see approach as the non-standard measures work their way through the real economy; may see the single-currency outperform on the back of the weakening outlook for the global economy as the euro-area returns to its historical role as a net-creditor to the rest of the world.
  • As EUR/USD preserves the upward trend carried over from December, the first topside region of interest comes in around 1.1210 (61.8% retracement) to 1.1230 (38.2% retracement), followed by 1.1270 (38.2% retracement) to 1.1290 (23.6% retracement).
EUR/USD SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail FX crowd has flipped net-short EUR/USD ahead of the ECB interest-rate decision, with the ratio hitting an extreme back in May as it slipped to -2.50.
  • The ratio currently sits at -1.00 as 50% of traders are long, with short positions 6.9% higher from the previous week even as open interest stands 1.5% below the monthly average.

Why and how do we use the SSI in trading? View our video and download the free indicator here

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

US Dollar Index

11969.79

11999.25

11953.46

-0.21

118.74%

EUR/USD Bid Ahead of ECB Meeting; Topside Targets in FocusEUR/USD Daily Chart

Chart - Created by David Song

  • The USDOLLAR pares overnight losses as the ISM Manufacturing survey beats market expectation in May, with the greenback at risk for a further advance as it breaks out of the bearish trend from earlier this year and consolidates above the Fibonacci overlap 11,951 (38.2% expansion) to 11,965 (23.6% retracement).
  • Nevertheless, the ISM survey may do little to boost expectations for a strong Non-Farm Payrolls (NFP) report as the employment component contracts for the sixth consecutive month; will keep a close eye on ADP Employment report as private payrolls are projected to increase 174K in May.
  • Nevertheless, the USDOLLAR stands at risk for a larger recovery with the next topside hurdle coming in around 12,049 (78.6% retracement) to 12,057 (23.6% expansion).
DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

US DOLLAR Technical Analysis: Another Monthly Opening Range Worth Watching

Gold Prices in Free Fall- Shorts at Risk into NFP

EUR/GBP Breakdown Eyes Critical Support at 7520

GBP/USD Successful Re-Test of Former Resistance Line

--- 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.

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

DISCLOSURES

News & Analysis at your fingertips.