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
EUR/USD
Bullish
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
Oil - US Crude
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
Wall Street
Bullish
Gold
Mixed
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
USD/JPY
Bearish
More View more
Real Time News
  • The anti-risk Japanese #Yen may rise versus currencies like the $AUD and $NZD on US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week. Get your #currencies update from @ddubrovskyFX here: https://t.co/Kw0fYCHEcw https://t.co/jiQBPpzat3
  • The #Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the $DXY weekly technical chart. Get your #currencies update from @MBForex here: https://t.co/MVnF5VDoeN https://t.co/TP2k8u9sXN
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/ioGWvplvt7
  • Based on how US-China tensions and fiscal talks ended this past week, is the Japanese #Yen readying to push higher ahead? Check out the latest #JPY fundamental outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2020/08/10/Yen-May-Rise-as-Nasdaq-100-Falls-on-US-China-Tensions-Fiscal-Woes.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/2Km23bVAy2
  • Tech leading the S&P 500 towards record highs, however, China risks rise. FTSE 100 hovers in a lower range. Get your #equities update from @JMcQueenFX here: https://t.co/IJAABNhxjs https://t.co/ZZ6njsuf5O
  • We are heading into the peak of summer yet there are some unexpected trends in key plays. Will complacency or fundamental instability win out? My weekend video: '#Dollar, S&P 500, #Gold - The Potential for Trend, Reversal or Congestion' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/08/Dollar-SP-500-Gold---The-Potential-for-Trend-Reversal-or-Congestion-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/7KoypvTwcL
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/40C8Sg5fM6
  • 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/sR7HqpK8BI https://t.co/GZXAbZxL38
  • The Australian Dollar could be on the verge of a major breakout against the US #Dollar as $AUDUSD rates eye a close above pivotal chart resistance. Get your #currencies update from @DanielGMoss here: https://t.co/1y4serFW7h https://t.co/OtqppN7fcp
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/A517hC0JAG
EUR/USD Trendless as Markets Wait for Fed Chair Jerome Powell's Semi-Annual Testimony

EUR/USD Trendless as Markets Wait for Fed Chair Jerome Powell's Semi-Annual Testimony

2020-06-16 11:00:00
Nick Cawley, Strategist
Share:

EUR/USD Price, News and Analysis:

  • German ZEW improves for the third consecutive month.
  • US retail sales and Fed Powell will drive EUR/USD.
Top Trading Lessons
Top Trading Lessons
Recommended by Nick Cawley
Find Out the Number One Mistake Traders Make
Get My Guide

EUR/USD Waiting for The Fed

Upcoming US retail sales data (13:30 UK) and the Fed chair Jerome Powell’s testimony to Congress (15:00 UK) will drive the next short-term move in EUR/USD and will likely guide the pair for the weeks ahead. The US dollar is currently unable to grab any bullish traction after the Fed announced a USD250 billion plan to buy US corporate bonds, while US President Donald Trump is said to be to announcing a fresh USD1 trillion infrastructure plan to help boost the economy.

The June ZEW indicator of Economic Sentiment in Germany pushed higher for the third month in a row, while the Current Conditions indicator rose for the first time since January. The Euro-Zone Economic Sentiment indicator also jumped higher in June.

EUR/USD Trendless as Markets Wait for Fed Chair Jerome Powell's Semi-Annual Testimony

Commentating on the German data, ZEW President Professor Achim Wambach noted that there was growing confidence that the economy ‘will bottom out by summer 2020’ while survey respondents expect ‘only a slow increase in economic activity in the third and fourth quarter’.

Ahead, the latest look at US consumer spending habits which are expected to show a sharp pick-up from last month. Month-on-month US retail sales are forecast to rise by 8% in May compared to a contraction of 16.4% in April. Annual sales are expected to turn further negative after last month’s -21.6% outturn.

Fed chair Jerome Powell will give his semi-annual testimony to Congress later today and is likely to be quizzed about the state of the US economy and the central bank’s latest bond buying announcement.

EUR/USD pushed higher Monday after the Fed’s latest announcement and is now treading water ahead of this afternoon’s data and Fed speak. Recent lows between 1.1213 and 1.1240 should provide an area of initial support ahead of the 61.8% Fibonacci retracement at 1.1167. Recent highs guard the June 10 high at 1.1423, which if broken convincingly would leave the recent multi-month high at 1.1496 vulnerable.

EUR/USD Daily Price Chart (November 2019 – June 16, 2020)

EUR/USD Trendless as Markets Wait for Fed Chair Jerome Powell's Semi-Annual Testimony
EUR/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 0% 0%
Weekly 6% 14% 12%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

What is your view on EUR/USD – 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.

DISCLOSURES

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.