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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium
  • USD/JPY extends the rebound from the weekly low (109.11) as the stronger-than-expected US Retail Sales report fuels speculation for an imminent shift in monetary policy. Get your $USDJPY market update from @DavidJSong here:
  • S&P 500 Sinks on Evergrande Risks Ahead of FOMC, Airline Stocks’ Outlook Brightens #trading $SPX $NDX $DJIA $JETS $AAL $DAL $LUV $UAL
  • There was some serious BTD action in that final hour of New York trade. With the FOMC on Wednesday, the freeze usually associated with anticipating a big event could help curb a deeper slump. If risk aversion continues despite the attention, it would concern me.
EUR/USD Price Breaking Through Technical Support

EUR/USD Price Breaking Through Technical Support

Nick Cawley, Strategist

EUR/USD Price, News and Analysis:

  • Moving averages provide no support.
  • EUR/USD nears important short-term Fibonacci retracement.

EUR/USD Trades Heavy with Little Positive Sentiment Around

Inflation in the Eurozone is slipping lower with the provisional core CPI reading for March released at 1.0%, below expectations of 1.1% and a prior month’s 1.2%. While inflation may not be on the top of the ECB’s ‘to fix’ list, when the coronavirus situation steadies and is eventually cured, the central bank will need to look at how to resolve the underlying weakness in inflation.

EUR/USD Price Breaking Through Technical Support

Earlier in the session, German unemployment change (March) came in better than expected – 1k vs. 25k – although the figures only cover up to March 12 and do not show the full effect of the coronavirus shutdown.

The daily EUR/USD is now starting to look weaker with the pair over 150 pips off Monday’s high print at 1.1145. EUR/USD is currently trading below all three moving averages, and opened below the 200-dma, casting a negative shadow on the pair. A short-term Fibonacci set-up on the March 9 to March 22 sharp sell-off shows the important 38.2% retracement level very close at 1.09645. If this breached and closed below then further losses may be seen with a zone between 1.0875 and1.0895 the first level of support. The upside looks capped in the short-term between 1.1055 and 1.1066 – 200-dmaand 50% Fibonacci retracement.

For all market moving data and events please the DailyFX calendar

EUR/USD Daily Price Chart (October 2019 – March 31, 2020)

EUR/USD Price Breaking Through Technical Support

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 via Twitter @nickcawley1.

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