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
Mixed
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
Bullish
Gold
Bullish
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
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
Bitcoin
Mixed
More View more
Real Time News
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/rEVhCnC0vY
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/I1AA0UEyWq
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/o4zt4pmSzc
  • The $USDINR may fall as the Nifty 50 rises after the US and China avoided tariff escalation and Indian CPI increased at its fastest pace since July 2016 amid on onion shortage. Get your market update from @ddubrovskyFX here:https://t.co/iXLf98geXL https://t.co/uVwbkkkl09
  • My weekend trading video: 'A #Dow and Yuan Retreat Could Break 2019's Bullish Complacency' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/14/A-Dow-and-Yuan-Retreat-Could-Break-Break-2019s-Bullish-Complacency.html?CHID=9&QPID=917719
  • The $USD may extend declines against its ASEAN counterparts after the Fed rate decision. The Philippine Peso and Singapore Dollar are attempting key technical breakouts. Get your market update from @ddubrovskyFX here:https://t.co/JoPLb4Oi2q https://t.co/fKzeBlWaCx
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/Mf9e1cgWmR
  • The #Euro jumped higher to challenge range resistance capping upside progress since mid-October. Signs of ebbing momentum warn it may be back on defense soon. Get your market update from @IlyaSpivak here: https://t.co/MGqVDEWhUD https://t.co/rQRxJAmLWi
  • RT @zerohedge: Is The Market Up This Week? Just Ask The Fed's Balance Sheet https://t.co/6p01J9yAZ8
  • $USD: "The US Dollar is making a last-ditch effort to cling onto a key technical support level after dropping 3% from its 2019 high as risk appetite roars and the Fed inflates its balance sheet." - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/14/us-dollar-outlook-fx-volatility-rising-from-extreme-lows-usd-levels-to-watch.html https://t.co/87cITJPVQa
EUR/USD – Bullish Views Getting Put to the Test

EUR/USD – Bullish Views Getting Put to the Test

2016-02-22 15:35:00
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 probes key support confluence
  • 1.1020 should prove critical over next couple of days

Get DailyFX’s top trading opportunities of 2016 HERE

EUR/USD – Bullish Views Getting Put to the Test

EUR/USD – Bullish Views Getting Put to the Test

I wrote last week about the potential importance of the 1.1035/1.1065 area in EUR/USD. The zone marks a key confluence of several key technical levels including the 200-day moving average, the December high, 3rd square root relationship of the year’s high, the 50% retracement of the year-to-date range and the 38% retracement of December – January advance. After an initial attempt to bounce from this zone late last week, the euro has broken sharply lower this morning and a daily settlement below this zone is looking quite possible.

What is the #1 mistake FX traders make? Find out HERE.

This obviously should have some pretty negative near-term technical consequences for the single currency, mainly because I think it sends a strong signal that the move off the December lows was probably just a correction against the primary downtrend. Continued weakness (assuming we get a close below 1.1035) below downside pivots at 1.0950 and 1.0850 would further confirm this thinking, but ultimately in the grand scheme of things I think the 1.0600 area is what matters. I have been fairly neutral on EUR/USD this year above 1.0600 as this level marks an external parallel from a pitchfork structure drawn from the 1985 low in the (synthetic) euro and is where the exchange rate bottomed in early December. Below 1.0600 truly confirms a broader breakdown and opens the door to another aggressive slide in the exchange rate, but first things first. A failure to close under 1.1035 would keep bull hopes alive in the near-term, but traction over 1.1200 is really needed to turn the near-term technical structure more constructive.

Looking for real-time positioning data? Find out HERE

--- 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.