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. See our updated Privacy Policy here.

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
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
GBP/USD
Bearish
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
  • $USDCAD at a massive level as it challenges the neckline of a Double Top formation carved out over the past 4 years A weekly close below the psychologically pivotal 1.2000 handle could pave the way for prices to tumble towards parity in the coming months $CAD https://t.co/hcqat64uhY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.33%, while traders in Germany 30 are at opposite extremes with 76.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gDRCfZglWe
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.78% Gold: 0.33% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/hZI8d9syK7
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.22% 🇪🇺EUR: 0.15% 🇨🇭CHF: 0.09% 🇨🇦CAD: -0.05% 🇦🇺AUD: -0.28% 🇳🇿NZD: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SMvmXEi0yD
  • EU and US announce a temporary truce as both agree to set up path to end WTO steel dispute
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: -0.16% Germany 30: -0.18% US 500: -0.22% Wall Street: -0.26% FTSE 100: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VX5wOdKk8m
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/D8DXSAdpqC https://t.co/iMfs3yj9pd
  • 🇬🇷 Unemployment Rate (JAN) Actual: 16.0% Previous: 15.8% https://www.dailyfx.com/economic-calendar#2021-05-17
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/EihvlFd7F7
  • 🇪🇸 Balance of Trade (MAR) Actual: €411.9M Previous: €-1.082B https://www.dailyfx.com/economic-calendar#2021-05-17
EURUSD Price: Bearish Bias Remains as US Dollar Bulls Run

EURUSD Price: Bearish Bias Remains as US Dollar Bulls Run

Nick Cawley, Strategist

EURUSD Price, Analysis and Charts:

  • US dollar bulls continue to push ahead, eyeing fresh one-month high.
  • Euro weakness fueled by a constant flow of weak data releases.

Q1 2019 Trading Forecasts including USD and EUR.

EURUSD – Negative Bias Expected to Continue

The current strength in the US dollar is hitting EURUSD hard and pushing it lower with seven daily lower highs currently registering on the chart.And further falls may be ahead when the European Commission publish their latest economic forecasts.

The US dollar continues to push higher and is within sight of a fresh one-month high on little real economic news or data. Treasury yields remain supportive against other major currencies, while the Fed perhaps remains as the only major central bank expected to hike this year. The US dollar basket chart remains positive – above all three moving averages – and a break and close above the January 24 high at 96.15 is seemingly likely. The RSI indicator is currently trading near a two-month high, suggesting the move may be becoming overbought.

US Dollar Basket (DXY) Daily Price Chart (May 2018 – February 7, 2019)

EURUSD Price: Bearish Bias Remains as US Dollar Bulls Run

IG Client Sentiment data currently shows retail are 56.0% net-long EURUSD, a bearish contrarian indicator. In addition, traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD bearish contrarian trading bias.

The latest in a long-line of weak EU data releases saw German industrial production fall further, missing already low expectations. Today’s release follows Wednesday’s German factory order numbers which fell sharply to -7% y/y, highlighting the growth problems in Euro-Zone. Later today the European Commission will release its latest Economic Forecasts and growth expectations will be cut from the Autumn release. The last report saw growth expectations in the Euro-Zone cut to 1.9% for 2019 and 1.7% for 2020, numbers that now look unlikely to be reached.

EURUSD retains a negative bias as it falls back towards the 1.1300 level. This level continues to provide an area of support, but if broken then the November low of 1.1215 comes quickly into play, ahead of 61.8% Fibonacci retracement at 1.1187.

EURUSD Daily Price Chart (May 2018 – February 7, 2019)

EURUSD Price: Bearish Bias Remains as US Dollar Bulls Run

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