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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bearish
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
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 1.28% 🇦🇺AUD: 1.17% 🇬🇧GBP: 1.01% 🇪🇺EUR: 0.57% 🇨🇭CHF: 0.35% 🇯🇵JPY: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eMQxa6E4eU
  • Coming up at half past the hour: my weekly webinar on market #sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?ref-author=essex&CHID=9&QPID=917711
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 1.67% Wall Street: 0.90% Germany 30: 0.89% US 500: 0.65% FTSE 100: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5LHY5FmIF9
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/I6VTWPtUwc
  • Canadian Dollar Forecast: USD/CAD Price- Ready to Edge Lower? More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2020/05/26/Canadian-Dollar-Forecast-USDCAD-Price-Ready-to-Edge-Lower-MK.html?CHID=9&QPID=917714 https://t.co/eTYFyolGbV
  • Vaccine hopes, a Franco-German recovery package proposal, and a Fed that is committed to provide further liquidity has taken some of the shine off the safe-haven US Dollar.Get your market update from @JMcQueenFX here:https://t.co/GeN07sifc0 https://t.co/r8RTJC8bBG
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/3XSyQQShxq
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/rpZihwpSS1
  • Gold Prices Echo US Dollar Drop as Market Mood Improves - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/05/26/Gold-Prices-Echo-US-Dollar-Drop-as-Market-Mood-Improves.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #gold #xauusd #CrudeOil #OOTT
  • EU ready to drop maximalist approach to fisheries negotiations with the UK in the next round of Brexit talks (June 1st-5th), according to sources
Euro Latest: EUR/USD Could Break Lower, Powell Speech in Focus

Euro Latest: EUR/USD Could Break Lower, Powell Speech in Focus

2020-05-13 08:00:00
Martin Essex, MSTA, Analyst
Share:

EUR price, news and analysis:

  • EUR/USD is in danger of breaking below trendline support on the daily chart.
  • A prompt could be a speech due at 1300 GMT on current economic conditions by US Federal Reserve Chair Jay Powell.
  • Fears of a second wave of coronavirus infections, US-China trade tensions and a debate on whether US interest rates should be cut below zero are all weighing on market sentiment and could potentially benefit the safe-haven US Dollar.

EUR/USD in danger of breaking lower

A host of market worries could potentially benefit the safe-haven US Dollar near-term, leaving EUR/USD at risk of breaking below trendline support that has been in place for almost two months. Since then, the pair has traded around the 1.09 mark but a break below 1.08 would likely lead to further losses.

EUR/USD Price Chart, Daily Timeframe (January 14 – May 13, 2020)

Latest EUR/USD price chart.

Chart by IG (You can click on it for a larger image)

EUR Forecast
EUR Forecast
Recommended by Martin Essex, MSTA
Download our fresh Q2 Euro forecast
Get My Guide

Federal Reserve Chair Jay Powell is due to talk at 1300 GMT on current economic conditions and his speech could prove a catalyst for the drop in EUR/USD following US President Donald Trump’s call for negative US interest rates. Powell seems likely to push back on that idea but negative rates remain a possibility, with market pricing suggesting they could come as early as the start of next year.

You can find out here how central banks impact the forex market.

In addition, the safe-haven USD will likely benefit from an escalation of US-China trade tensions and growing fears of a second wave of coronavirus infections. The White House’s top US infectious disease expert, Dr. Anthony Fauci, warned Congress Tuesday that some states are prematurely reopening businesses, risking additional outbreaks of coronavirus, particularly among the most vulnerable populations.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Martin Essex, MSTA
Traits of Successful Traders
Get My Guide

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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

DISCLOSURES

News & Analysis at your fingertips.