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
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇦🇺AUD: -0.10% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lTYr3UzRhP
  • RT @DanielGMoss: A ‘second wave’ of #COVID19 cases threatens to hamper #Australia's tentative recovery Uncertainty around the future of fi…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in NZD/USD are at opposite extremes with 72.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ksJ0N2pq6W
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
  • Hello there, traders! It has come to my attention that there have been people pretending to be me on Twitter. If you see anyone doing so, please be sure to report them. My Twitter handle is @ZabelinDimitri. Any variation of that is an imposter. Please spread the word.
  • After approximately 100 votes, it seems that a narrow majority of participants to my poll believe Gold ($GC_F) is going to resolve its congestion with a break lower: https://t.co/NTwXu7ZaGF
EURUSD Price Outlook: Unable to Make a Decisive Break Higher

EURUSD Price Outlook: Unable to Make a Decisive Break Higher

2019-01-11 12:00:00
Nick Cawley, Strategist
Share:

EURUSD News, Prices and Chart

  • EURUSD currently capped by the 200-day moving average.
  • Euro needs positive data prints and so far, they are lacking.

Q1 2019 Trading Forecasts including USD and EUR.

EURUSD Rally in Need of Fresh Stimulus

The recent EURUSD rally off the January 2 low of 1.1300 has stalled around the 200-day moving average – currently just below 1.1550 – despite a weaker US dollar. In addition, the RSI indicator has just turned lower from a multi-month high, weighing on the pair. ECB governing council member Ewald Nowotny’s recent comments sum up the state of the Eurozone economy and may keep the Euro depressed. Nowotny said that growth rates ‘will be slower but stay in positive territory’, hardly a ringing endorsement of the state of the Eurozone.

Recent German data also paints a negative picture going forward with factory orders -4.3% y/y in November while industrial production took an even bigger hit falling by -4.7% compared to +0.5% in the prior month.

EURUSD Price Outlook: Unable to Make a Decisive Break Higher

EURUSD currently trades around 1.1530 and needs to close above the 200-day moving average before it can try to break the October 16 high at 1.1622 and the September 24 high at 1.1820. Downside protection is seen between 1.1500 and the 20-day moving average at 1.1425.

EURUSD Daily Price Chart (May 2018 – January 11, 2019)

EURUSD Price Outlook: Unable to Make a Decisive Break Higher

IG Client Sentiment Datashows investors are currently 52.2% net-long, a bullish contrarian indicator. However recent daily and weekly positional shifts give us a mixed trading outlook.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.