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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
Price & Time: EURUSD -  Still In No Man’s Land?

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

2016-01-05 14:50:00
Kristian Kerr, Sr. Currency Strategist
Share:

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

News & Analysis at your fingertips.