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EUR/USD
Bearish
Low
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of clients are net long.
of clients are net short.
Long Short

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Markets Week Ahead: Nasdaq, US Dollar, Gold, Yields, RBA Decision, OPEC, NFPs
2021-02-28 20:00:00
Weekly Technical US Dollar Forecast: Finally Turning Higher?
2021-02-28 16:00:00
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of clients are net short.
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Crude Oil Price Forecast: Do the Charts Hint at a Pullback?
2021-02-27 17:00:00
Canadian Dollar Forecast: USD/CAD Price Hangs on Reflationary Market Sentiment
2021-02-27 08:00:00
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Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Feb 01, 2021 when Wall Street traded near 30,246.40.
2021-03-01 00:23:00
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Markets Week Ahead: Nasdaq, US Dollar, Gold, Yields, RBA Decision, OPEC, NFPs
2021-02-28 20:00:00
Gold Price Forecast: XAU Tanks Hard as Yields, Inflation Fears Climb
2021-02-27 20:00:00
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Weekly Technical US Dollar Forecast: Finally Turning Higher?
2021-02-28 16:00:00
British Pound Technical Outlook: GBP/USD Signals More Losses Ahead
2021-02-27 23:00:00
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Markets Week Ahead: Nasdaq, US Dollar, Gold, Yields, RBA Decision, OPEC, NFPs
2021-02-28 20:00:00
Weekly Technical US Dollar Forecast: Finally Turning Higher?
2021-02-28 16:00:00
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.78%, while traders in GBP/JPY are at opposite extremes with 66.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pXjqRmdicy
  • Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View - https://www.dailyfx.com/forex/market_alert/2021/03/01/Australian-Dollar-Unfazed-by-Chinese-PMI-as-RBA-Meeting-Shifts-Into-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/mR4b8YAVIe
EURUSD Drops to 2012 Low but Don't Get Caught Chasing

EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Jamie Saettele, CMT, Sr. Technical Strategist

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Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

This morning’s action may compose the ‘flush’ before a larger correction takes hold. There are no setups to short the USD here with a sensible stop. Sure, the USD may extend a bit beyond current levels but reward/risk on USD longs is no longer favorable (except maybe against the Yen). HUGE levels have given way, most notably the January low at 12623 in the EURUSD. In my experience, the breech of such levels tends to give way to consolidation / corrective action BEFORE the next larger move. Make no mistake, the larger trend is towards USD strength but don’t get caught long USD at bad prices.

I’ll look to identify USD support as corrections unfold in real time but levels to keep in mind are 15890 in GBPUSD, 12870-12900 in EURUSD, 9970-10020 in AUDUSD, 7760 in NZDUSD, and 10060 in USDCAD.

EURUSD 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_eurusd.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

GBPUSD 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_gbpusd.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

NZDUSD 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_nzdusd.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

USDOLLAR 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_usdollar.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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

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