EURUSD Price: Analysis, Chart and Pivot Points
EURUSD Price, Chart and Pivot Points:
- Low volatility in EURUSD.
- Pivot points can identify short-term targets.
The most widely traded currency pair, EURUSD, has been stuck in a rut for the last few months, with low volatility making trading decisions difficult. The pair have been in a maximum 365-pip range since mid-October 2018 despite heightened US-China trade war tensions, while the Euro-Zone economy grinds to a halt. A lack of price movement (volatility) can make it difficult to trade a pair, so we will look at a short-term trading indicator, pivot points, to see if we can identify price action within this range.
Pivot points are widely used by short-term traders to determine where forex market sentiment may change between bullish and bearish. Pivot points are also commonly used to find likely support and resistance levels. There are a range of different pivot points that traders should study before finding which one that suits their trading style. Below are the classical hourly pivot points:
You can access live pivot points for a wide range of currencies and assets HERE. If you then click on your chosen asset you will be taken to a more in-depth landing page for your chosen asset class.
EURUSD currently trades around 1.1364 and any short- to medium-term upside is likely capped by the 50% Fibonacci retracement level at 1.1448. The pair are also currently stuck between the 20- and 50-day moving average between 1.1335 and 1.1385.
EURUSD Daily Price Chart (January 2018 – February 26, 2019)
Retail traders are 57.3% net-long EURUSD according to the latest IC Client Sentiment Data, a bearish contrarian indicator. Recent changes in daily and weekly sentiment however suggest that EURUSD may soon reverse higher.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.