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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
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
Bullish
More View more
Real Time News
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmIoVZv https://t.co/ehvshDWUCb
  • 🇺🇸 MBA Mortgage Applications (07/MAY) Actual: 2.1% Previous: -0.9% https://www.dailyfx.com/economic-calendar#2021-05-12
  • 🇲🇽 Industrial Production YoY (MAR) Actual: 1.7% Expected: 0.9% Previous: -4.5% https://www.dailyfx.com/economic-calendar#2021-05-12
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.70%, while traders in AUD/JPY are at opposite extremes with 65.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/doRLGOixPH
  • Heads Up:🇺🇸 MBA Mortgage Applications (07/MAY) due at 11:00 GMT (15min) Previous: -0.9% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Heads Up:🇲🇽 Industrial Production YoY (MAR) due at 11:00 GMT (15min) Expected: 0.9% Previous: -4.5% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.92% Gold: -0.15% Silver: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/q7LR87UPBB
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇨🇭CHF: -0.02% 🇬🇧GBP: -0.06% 🇯🇵JPY: -0.13% 🇦🇺AUD: -0.44% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/heBjQ1A2sq
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/09W6I2IeBY
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.78% Germany 30: 0.34% France 40: 0.24% Wall Street: -0.30% US 500: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/d3q1w80zAg
Euro Dollar Forecast: Bulls look to break above 1.200 as Euro Continues to Strengthen

Euro Dollar Forecast: Bulls look to break above 1.200 as Euro Continues to Strengthen

Tammy Da Costa, Markets Writer

EUR/USD Outlook:

  • Weaker USD springs hope to Euro bulls
  • Fibonacci Resistance continues to hold
  • RSI Hovers Around 70

Visit the DailyFX Educational Center to learn about psychological levels and more

Bulls Eyeing 1.200

From a technical perspective, price action is nearing the psychological level of 1.200 and is lurking around the 50% Fibonacci retracement of the historical move.

Meanwhile, Germany, the largest economy in Europe, appears to be recovering at a pace that has surpassed economists’ expectations. Comments early from German Federal Minister of Economics Peter Altmaier suggested that the German economy would rebound quicker than previously thought with 2020 GDP now seen at -5.8% compared to earlier estimations of -6.3%.

Euro area inflation today failed to meet expectations and leaves the ECB with an ongoing headache. The core rate fell to 0.4% in August compared to expectations of 0.8% and a July figure of 1.2%.

Euro Dollar Forecast: Bulls look to break above 1.200 as Euro Continues to Strengthen

The EUR/USD monthly chart highlights the Fibonacci Retracement plotted between the September 2000 low and the March 2008 high. These two levels are significant as they represent the historical high and low which have yet to be violated. From a visual perspective, the chart demonstrates multiple instances of when these levels provided areas of confluency, providing support and resistance for price action. Currently, price action has favored the bulls, looking for a break above the psychological level of 1.200.

EUR/USD Monthly Chart

Euro Dollar Forecast: Bulls look to break above 1.200 as Euro Continues to Strengthen

Chart prepared by Tammy Da Costa, IG

EUR/USD Daily Chart

Euro Dollar Forecast: Bulls look to break above 1.200 as Euro Continues to Strengthen

Chart prepared by Tammy Da Costa, IG

Currently, the 61.8% retracement level continues to hold strong at a level of 1.18244. In addition to this, the Relative Strength Index (RSI), is hovering around 70, a possible indication that the pair may be approaching overbought territory as the pair hovers around 70 0n the short-term chart.

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

DISCLOSURES