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EUR/USD Awaits News to Provide Technical Direction

EUR/USD Awaits News to Provide Technical Direction

Walker England, Forex Trading Instructor

Talking Points:

  • The EUR/USD Awaits News to Provide Technical Direction
  • Sentiment Figures Remain Short of Extremes at -1.86
  • Looking for more trade ideas for the EUR/USD? Register for our Q2 price forecast HERE.

The EUR/USD is trading higher for Monday, but the pair remains in an ongoing consolidating daily range. Traders for Monday will be looking to a series of high importance news events to potentially breakout the pair. First, USD Personal Consumption Expenditure Core (YoY)(Mar) numbers were released in line with expectations at 1.6%. Next up EUR/USD traders will be looking at USD ISM Manufacturing (APR) data. Expectations for this event are set at 56.5, with the event to be released at 10:00 am EDT.

Technically, despite the last 6 sessions of consolidation, the EUR/USD remains in a short term uptrend. As displayed in the graph below, the pair remains trading well over both its 10 day EMA at 1.0854 and 200 day MVA at 1.0772. If prices continue to trend higher, traders should watch for the EUR/USD to remain supported above 1.0854 and attempt to breakout above last week’s high of 1.0951. Alternatively if the EUR/USD breaks out lower below 1.0854, traders should look for the pair to test last Monday’s low of 1.0820.

EUR/USD, Daily Chart & Averages

(Created Using IG Charts)

How can market sentiment be worked into your active trading strategy? Get our Free sentiment guide here.

Going into this morning’s ISM Manufacturing release, EUR/USD sentiment figures remain short of extremes. Currently IG Client Sentiment totals read at -1.87 with 35% of traders net-long the pair. With the majority of traders short, typically this suggests this may suggest that the EUR/USD may trade higher. If the EUR/USD breaks to new highs over 1.0951, traders should look for sentiment values to move towards a negative extreme of -2.0 or more. Alternatively if the pair trades lower on a bearish reversal, traders should look for IG Client sentiment to neutralize and perhaps flip positive later in the week.

--- Written by Walker, Analyst for

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