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
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 2.28% Gold: 1.47% Oil - US Crude: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fkusw10RZZ
  • EUR/USD carves a series of higher highs and lows ahead of the European Central Bank’s (ECB) first meeting for 2021. Get your $EURUSD market update from @DavidJSong here:https://t.co/XXMha8V8dD https://t.co/r7RYOc1u6r
  • Silver noticeably higher during trade, now up over 2% $XAG $USD https://t.co/5G4QlzCdja
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MegXLHg0tp
  • Canadian #Dollar Outlook: $USDCAD BoC Breakdown– #Loonie Levels - https://t.co/3SVBLyMZTI https://t.co/9SzmpyXplC
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 1.39% Wall Street: 0.76% FTSE 100: 0.18% Germany 30: 0.15% France 40: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zBiMtLXZXw
  • US indices remain up following Biden's inauguration, with the S&P and Nasdaq hitting fresh all time highs today. DOW +0.76% NDX +1.83% SPX +1.33% RUT +0.12% $DOW $QQQ $SPY $IWM
  • USD/CAD falls to session lows as Loonie gains immediately after the BoC rate decision. Get your $USDCAD market update from @RichDvorakFX here:https://t.co/4s6kKsljCm https://t.co/FTdgwIL8cF
  • $EURJPY is trading below 125.50 today after attempting to stage a recovery yesterday. The pair had climbed back above 126.00 yesterday after falling to around 125.10, its lowest level since early December, during Monday trading. $EUR $JPY https://t.co/4mWhO9rIzA
  • US Senator Romney: Not looking for new stimulus in the immediate future. $SPY $USD
Price & Time: EURUSD -  Still In No Man’s Land?

Price & Time: EURUSD - Still In No Man’s Land?

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 stuck between two key long-term levels
  • Break needed to trigger next important directional trend

Looking for real-time forex market sentiment? Get it HERE

EUR/USD: No Man’s Land

Price & Time: EURUSD -  Still In No Man’s Land?

I have not had much conviction in the direction of EURUSD since early December. Since reversing sharply around the 61.8% retracement in time of last year’s March – August advance the exchange rate has not really done much of anything technically significant. My directional lack of conviction extends beyond just the near-term given the key spots where the euro has turned over the past few months.

As the chart above shows, the euro has been hemmed in by some by some pretty key long-term levels the past couple of quarters. First in August on the upside by the internal parallel of an Andrews pitchfork drawn from the 1995 (synthetic) EUR/USD high through the 2000 record traded low and the 2008 record traded high. Following this failure, EUR/USD traded down in December to an external parallel of an Andrews pitchfork drawn from the (synthetic) 1985 Plaza Accord low through the 1995 high and the 2000 low. (It is also worth pointing out that the median line of that same structure coincided almost perfectly with the all-time traded high in EUR/USD in 2008.) From this external parallel the exchange rate recovered smartly, but I really now need to see that level (currently just under 1.0600) convincingly broken to get excited about the prospects of another important leg lower materializing in EUR/USD. The same goes for the topside and the internal parallel around 1.1600. Below it, the exchange rate remains in “no man’s land”, above it and we can start talking about the start of a much more important counter-trend move.

--- 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