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
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
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
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
  • German Bund Yields Update: 2-Year: -0.639% 3-Year: -0.651% 5-Year: -0.548% 7-Year: -0.480% 10-Year: -0.290% 30-Year: 0.228%
  • The $AUD erased half of November’s down move in a mere two days but the dominant trend bias continues to favor weakness ahead. Get your market update from @IlyaSpivak here:https://t.co/ShYksfNXyS https://t.co/OVhyNgLRn5
  • We were almost there, but the $SPX fell short of a >1.0% daily change. That raises the tally to 39 consecutive trading days without a climb or fall of even a moderate measure https://t.co/ibt82dBGmh
  • En español: El oro tropieza y se precipita en caída libre. ¿Qué explica las pérdidas del metal dorado y la alta volatilidad en los mercados financieros? #XAUUSD #trading $gold https://t.co/Hdsd0z1qih https://t.co/WKnGaABVS8
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.17% 🇯🇵JPY: 0.14% 🇨🇭CHF: -0.30% 🇪🇺EUR: -0.38% 🇨🇦CAD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lrSRyCHLjw
EURUSD Negative Momentum Building, Looking to Break Crucial Support

EURUSD Negative Momentum Building, Looking to Break Crucial Support

2018-08-06 09:30:00
Justin McQueen, Analyst

EUR Analysis and Talking Points

  • EUR Bears Maintain Pressure on Spot Price, Eyes on YTD Low
  • German Factory Orders Falls Most Since Jan’17, However, Investor Confidence Bounces Back

See our Q3 EUR forecast to learn what will drive the currency through the quarter.

EUR Bears Maintain Pressure on Spot Price

EURUSD saw a close below 1.1575, which now opens up a potential move towards the 2018 low (1.1508). Alongside this, the 12-day momentum remains negative, consequently reinforcing the bearish sentiment in the pair, while trend signals are also moving lower. Bids at 1.1550 has curbed further selling in the spot rate, however, as the price continues to dip, demand for Euro puts (protection against further declines) have increased.

EURUSD PRICE CHART: Daily Time-Frame (April-August 2018)

EURUSD Negative Momentum Building, Looking to Break Crucial Support

Chart by IG

EURUSD Technical Levels

Resistance 1: 1.1575 (Resistance Area)

Resistance 2: 1.1590 (23.6% Fibonacci Retracement)

Resistance 3: 1.1650 (Psychological Level)

Support 1: 1.1550 (Psychological Level)

Support 2: 1.1508 (YTD Low)

Soft German Factory Orders Yet Again

Another set of soft German factory orders with the figures missing expectations for the fifth time in the past six months. The headline reading fell sharply lower by 4%, expectations were for a slight dip of -0.4%, while this also marks the largest fall since January 2017. However, these figures are for June which is slightly outdated given that this was prior to Trump’s and Juncker’s agreement to refrain from imposing auto tariffs.

Investor Morale Bounces on Easing US-EU Trade Tensions

Eurozone Sentix Investor Confidence rose for the second consecutive month to 14.7 in August, which came ahead of expectations of 13.5 as concerns of a full-blown trade war between the US and EU had eased. Largely this was due to the aforementioned agreement between Trump and Juncker, consequently, the sub-index measuring future expectations had improved, however, does remain in negative territory. Sentix stated that Germany, whose auto industry has the most to lose from US auto tariffs, is the biggest winner from easing trade tension, which has been reflected in the index for Germany, showing a bounce back in August to hit the highest level since May.


US China Trade War & a Brief History of Trade Wars – 1900 until Present

The Impact of Tariffs and Trade Wars on the US Economy and the Dollar


--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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


News & Analysis at your fingertips.