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
More View more
EUR/USD Price Technical Outlook - Further Upside Remains Blocked

EUR/USD Price Technical Outlook - Further Upside Remains Blocked

Nick Cawley, Strategist

EUR/USD Price Forecast, Analysis and Chart:

  • EUR/USD unable to break the 200-day moving average.
  • US data released later today may push the pair lower.

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

EUR/USD Technical Outlook

EUR/USD is setting itself up to test the 1.1100 big figure level and the 1.1073 October 25 low print as buyers give up on trying to break higher. The 200-day moving average (black line on the chart) continues to thwart any upside momentum with the indicator capping EUR/USD price action for the last four months. Just above here, sits the 1.1180 multi-week high which the pair rejected yesterday. EUR/USD is now trading either side of the 20-day moving average at 1.1118 which guards the October 25 low. Below here the 50-day moving average may provide some support at 1.1074 before the October 15 swing-low at 1.0992.

EURUSD Daily Price Chart (February - November 5, 2019)

EUR/USD Price Technical Outlook - Further Upside Remains Blocked

Later today, US data may provide another stimulus for the pair. The closely watched ISM non-manufacturing/services composite release at 15:00 GMT is expected to show a pick-up to 53.4 against last month’s (September) reading of 52.6, its lowest level since April 2016. Last month’s release missed expectations of 55 and caused a notable downturn in the US dollar. According to the latest CoT report, EUR/USD speculator remain heavily short of the pair.

US Non-Manufacturing ISM – Chart via Trading Economics

EUR/USD Price Technical Outlook - Further Upside Remains Blocked

DailyFX Economic Calendar

IG Client Sentiment shows that traders are 54% net-short EURUSD, a bullish contrarian bias.However recent daily and weekly positional changesgive us a mixed 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 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