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.

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
More View more
Real Time News
  • The Fed holds rates - no surprise. But says it has made progress towards its economic goals as a precondition of taper: https://t.co/7nqJDDzqYC
  • 🇺🇸 Fed Interest Rate Decision Actual: 0.25% Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2021-07-28
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: France 40: -0.15% US 500: -0.18% FTSE 100: -0.21% Germany 30: -0.23% Wall Street: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kHQEDOnDc4
  • Here is my scenario table again for the #FOMC decision. Focus is on the statement and the Press conference https://t.co/SPKmSrDcuy
  • countdown to the #FOMC $USD balancing on support ~92.46 $DXY https://t.co/I8oQybI8Qs https://t.co/OdZhbM6Khr
  • Heads Up:🇺🇸 Fed Interest Rate Decision due at 18:00 GMT (15min) Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2021-07-28
  • NY Fed accepts $965.19 billion in reverse repo operations $USD $DXY
  • The US Dollar is holding support around the 92.50 area on the chart after a week-long pullback. Get your market update from @JStanleyFX here:https://t.co/3caFCPAOK3 https://t.co/ZO5FjuTU0m
  • With all eyes on the Fed, the US 10Y Treasury yield moves back above 1.25% #Fed #FOMC https://t.co/ImBHDaHnEf
  • NZD/USD carves a series of lower highs and lows as it pulls back from the weekly high (0.7010), but the Federal Reserve interest rate decision may keep the exchange rate afloat. Get your market update from @DavidJSong here:https://t.co/dNCYqI1Ko3 https://t.co/acxZuM7x9O
EUR Technical Analysis Overview: EURUSD, EURGBP

EUR Technical Analysis Overview: EURUSD, EURGBP

Justin McQueen, Analyst

EUR Analysis and Talking Points

  • EURUSD | Downtrend Remains, Focus on Retest of Recent Lows
  • EURGBP | Bullish Momentum Easing, 200DMA Pivotal

See the DailyFXQ2 FX forecast to learn what will drive the currency throughout the quarter.

EURUSD| Downtrend Remains, Focus on Retest of Recent Lows

The trend for EURUSD remains on the downside, with momentum indicators across the long and short continuing to tilt on the bearish side. However, price action in the past month has been tepid at best with EURUSD on course for posting one its tightest monthly ranges in history. That said, eyes are on for a retest of the May 23rd low as gains remain limited with the pair failing to consolidate above 1.1200. Topside resistance is situated at 1.1265 whereby a close above could negate the near-term bearish bias. Of note, 1-week option expiries now capture next weeks ECB meeting, which implies a 65pip breakeven, however, risk reversals are only showing a slight premium for downside protection, which in turn suggests that the range may stay intact for now.

EURUSD PRICE CHART: Weekly Time Frame (Nov 2016 – May 2019)

EUR Technical Analysis Overview: EURUSD, EURGBP

Chart by IG

EURGBP | Bullish Momentum Easing, 200DMA Pivotal

After a record run of gains in the cross as Brexit turmoil put GBP on the backfoot, the bullish momentum is beginning to ease following the rejection at 0.8840. Consequently, EURGBP appear to be showing some mild signs fatigue, however, for this to be confirmed, eyes will be on for a close below the 200DMA situated at 0.8787. If indeed a close below is made, this raises scope for a test of the 0.8700 handle. On the topside, a break above 0.8840 would bring 0.8870 (61.8% Fib) in focus.

EUR Technical Analysis Overview: EURUSD, EURGBP

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES