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
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • Japan’s All Industry Activity Index (MoM) (AUG) Actual: 0.0% Est: 0.1% Previous: 0.2% #JPY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.04%, while traders in Germany 30 are at opposite extremes with 78.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cCfWKn4CzA
  • (ASEAN Fundamental Forecast) US Dollar Outlook: MYR, SGD May Fall on CPI. Rupiah to Drop on Cut? #USD $USDMYR $USDSGD $USDIDR - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/21/US-Dollar-Outlook-MYR-SGD-May-Fall-on-CPI-Rupiah-to-Drop-on-Cut.html?CHID=9&QPID=917702 https://t.co/3u9AfXqbeN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.22% 🇦🇺AUD: 0.10% 🇨🇦CAD: -0.03% 🇯🇵JPY: -0.10% 🇨🇭CHF: -0.14% 🇬🇧GBP: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZjiVEE5Iuw
  • Heads up: Japan’s All Industry Activity Index (MoM) (AUG) is due at 4:30 GMT (15 min) Est: 0.1% Previous: 0.2% #JPY
  • Heads Up:🇯🇵 JPY All Industry Activity Index (MoM) (AUG) due at 04:30 GMT (15min), Actual: N/A Expected: 0.1% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2019-10-21
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.36% Wall Street: 0.31% France 40: 0.26% Germany 30: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2lBu42B9fy
  • Over the past 30 days, #Ghana Cedi, #Egyptian Pound and #Kenyan Shilling have been the best performing African currencies vs #USD with 0.85%, 0.67% and 0.17% spot returns respectively
  • 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/m2sMVRiVef
  • LIVE NOW: Join Currency Analyst @ZabelinDimitri as he previews the upcoming week’s main political themes and discusses their impact on the financial markets. Register here: https://www.dailyfx.com/webinars/146770987?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
EURUSD Price Analysis: Stuck in a Short-Term Range

EURUSD Price Analysis: Stuck in a Short-Term Range

2018-08-17 10:00:00
Nick Cawley, Analyst
Share:

EURUSD – Price, Chart and Technical Analysis

  • EURUSD remains stuck near its 14-month low.
  • Euro-Zone data calendar clear for the first-half of next week.

The latest IG Client Sentiment Indicator shows how retail are currently positioned in EURUSD - 57.6% long - and how daily and weekly changes can affect trading decisions.

The DailyFX Q3 forecasts and analysis of USD and EUR are available to download here.

EURUSD Building a Trading Range

EURUSD remains near its recent low and is unlikely to break out of a narrow trading range in the short-term. The US dollar is nudging lower after its impressive run-up of late, while the Euro remains weighed down by Turkish contagion fears and elevated Italian bond yields – 10-year Italian bonds yield in excess of 3.10%. The data calendar is quiet for both the Euro and the dollar until the back-end of next week, apart from the FOMC minutes after the Europe close on Wednesday, leaving little to drive the pair.

The US dollar basket (DXY) currently trades marginally lower after its recent surge and may test the 50% Fibonacci retracement level at 95.87. A break below here would open up support around old highs at 95.20.

US Dollar Basket (DXY) Daily Price Chart (November 2017 – August 17, 2018)

EURUSD Price Analysis: Stuck in a Short-Term Range

The daily EURUSD chart below shows the new trading zone between 1.1301, the recent low, and the double-low at 1.1509. Before that the 50% retracement level at 1.1448 needs to be respected and may prove difficult to break. The RSI indicator is coming out of oversold territory but the downtrend from late-July remains in place.

EURUSD Daily Price Chart (December 2017 – August 17, 2018)

EURUSD Price Analysis: Stuck in a Short-Term Range

The four-hour EURUSD chart also points to a tight trading range with additional barriers to the upside provided by the 20- and 50-day moving average with the latter coinciding with the 50% retracement level.

EURUSD Four-Hour Chart (July 23 – August 17, 2018)

EURUSD Price Analysis: Stuck in a Short-Term Range

If you are new to foreign exchange, or if you would like to update your knowledge base, download our New to FX Guide and our Traits of Successful Traders to help you on your journey.

What’s your opinion on EURUSD? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1

--- Written by Nick Cawley, Analyst

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

DISCLOSURES

News & Analysis at your fingertips.