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
GBP/USD
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
  • USD/MXN drops back into its recent range as investors await further guidance from economic data. Get your weekly Mexican Peso forecast from @HathornSabin here: https://t.co/reMgPrFGdF https://t.co/dl6gomcFxF
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/KS13JNwlvL
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/bxQ8s8eGjR
  • Australian Dollar plunged for a fifth week but held key downtrend support at the yearly lows. Get your weekly AUD technical forecast from @MBForex here: https://t.co/uyUWYQoYS7 https://t.co/BXid10FYD1
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/eReyYRYOn1
  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/EWrJy5LfOF https://t.co/NQj5xCdw9b
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/uDeIMr1Ks4
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/srqRhfdKUd
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here: https://t.co/030gXzxlEc https://t.co/ux7W6OcBOm
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/FPKAoLQuuI
EUR/USD Price: Struggles Continue, Sitting on 50-Day Moving Average

EUR/USD Price: Struggles Continue, Sitting on 50-Day Moving Average

Nick Cawley, Strategist

EUR/USD Price, Chart and Outlook:

  • Fundamental backdrop for the Euro remains unchanged.
  • EUR/USD finding support from the 50-day moving average.

Brand New Q4 2019 USD and EUR Forecast and Top Trading Opportunities

EUR/USD Treading Water for Now

A lack of any positive drivers has left EUR/USD lethargic this week with traders looking at other currency pairs for trading opportunities. The pair have moved slightly higher due to the current weakness in the US dollar, but the drift higher has been tempered by the lack of any positive economic news or data out of the Eurozone. Eurozone industrial production y/y fell further in August – to -2.8% from -2.0% in July – while Eurozone ZEW sentiment surveys for October remained heavily in negative territory and below September’s levels. There is little Eurozone hard data for the rest of the week. The single-currency may benefit if a Brexit deal is finally agreed, yet all the positive talk surrounding the negotiations has so far failed to bring a deal that both sides are willing to, and can, sign off.

DailyFX Economic Calendar

The daily chart shows EUR/USD currently finding short-term support from the 50-day moving average for the first time in three months, although the pattern of lower highs and lower lows off the June 25 high remains in place. The pair are also flashing an overbought signal using the CCI momentum oscillator.

Moving Average (MA) Explainer

To move decisively higher, EUR/USD needs to break and close above the October 11 three-week high at 1.1063 and the September 13 multi-week high at 1.1112. Any sell-off would the 50-day ma at 1.1018 tested ahead of the 20-dma at 1.0980. A break and close below would open the way for a re-test of the recent double-low around 1.0940.

EURUSD Daily Price Chart (December 2018 – October 16, 2019)

EUR/USD Price: Struggles Continue, Sitting on 50-Day Moving Average

IG Client Sentiment shows that traders are 51% net-short EURUSD, a bullish contrarian bias.

However recent daily and weekly positional changes give us a mixed outlook for EUR/USD.

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 the Euro and the US Dollar – 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