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
EUR/USD
Bearish
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
Bullish
Wall Street
Bearish
Gold
Bearish
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
  • The amount of breakouts the #USD saw against its major peers this week was fairly impressive Lots of opportunities here for reversing dominant downtrends that have been prevailing for about 14-15 months Stay tuned for my USD weekly technical outlook coming out this weekend!
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.19% Silver: -0.41% Gold: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/J6vFrm0Psb
  • Post-Fed, plunging commodity prices are weighing down growth-sensitive currencies like the Canadian Dollar. Get your market update from @CVecchioFX here:https://t.co/RwM9qu0Zjv https://t.co/u6WFpqfcdZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 85.22%, while traders in France 40 are at opposite extremes with 70.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/O3dA4qOEid
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% FTSE 100: 0.09% Germany 30: 0.06% Wall Street: -0.02% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MFEjkHP34f
  • Fed's Kashkari: Maximum employment means at the very least back to pre-COVID levels of employment
  • Fed's Kashkari: - I am opposed to rate hikes at least through 2023 - The labor market is still in a deep hole; it will take some time to get people reattached to the work force
  • Fed's Kashkari: - The Fed's interest rate dot plot has provided too-hawkish guidance in the past, I am in favor of getting rid of it - I don't believe the Delta variant of COVID will force the US to return to lockdown
  • Fed's Kashkari: - The Fed is in a decent financial position, therefore it is fine to talk about tapering monthly asset purchases - I am not seeing evidence of unanchored inflation expectations, but if that does occur then we would need to adjust
Price & Time: EUR/USD - To Bounce or Not To Bounce

Price & Time: EUR/USD - To Bounce or Not To Bounce

Kristian Kerr, Sr. Currency Strategist

Price & Time covers key technical themes daily and can be delivered to your inbox each morning by joining the distribution list: Price & Time

Talking Points

  • EUR/USD Stalls At square root resistance
  • Inverse H&S pattern or bearish consolidation?

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE

EUR/USD: To Bounce or Not To Bounce

Price & Time: EUR/USD - To Bounce or Not To Bounce

I have been hesitant to talk about a bounce in EUR/USD for the simple reason that everybody seems to be looking for one. I suppose if we are going to get one, this week is a good enough time as there is a fairly decent confluence of near-term timing relationships. The noteworthy ones are the 50% retracement in time of the March low and the August high, the 50% extension in time of the August and October highs and a 261.8% time projection of the August – September decline measured from the October high. Nothing really spectacular individually from a timing aspect, but altogether it is certainly important enough to pay a little extra attention.

Reading the technical tea leaves, there are a few things supporting a potential counter-trend move like DSI. The DSI fell into the mid-single digit levels of bullishness this week which is usually a fairly reliable contrarian indicator. The other thing worth pointing out is the potential inverse head & shoulders pattern on the intraday charts. Rally attempts this week have all stalled at a convergence of the 9th square root relationship of the August high and the 3rd square root relationship of the year’s low around 1.0780 (purple and black horizontal lines) leaving a fairly clear potential reversal pattern. All things considered, traction over 1.0780 could prompt a decent counter trend pop, but the burden of proof looks to be squarely on the bulls given the bigger picture technical dynamics. A failure to get over 1.0780 by the end of the week or a daily close under 1.0675 would invalidate the bullish timing aspect here and warn another leg lower is looming.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES