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
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
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/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
USD/JPY
Bullish
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/NVlReyO4Ln
  • 🇯🇵 Eco Watchers Survey Outlook (APR) Actual: 41.7 Previous: 49.8 https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇯🇵 Eco Watchers Survey Current (APR) Actual: 39.1 Previous: 49 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Heads Up:🇯🇵 Eco Watchers Survey Outlook (APR) due at 05:00 GMT (15min) Previous: 49.8 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Heads Up:🇯🇵 Eco Watchers Survey Current (APR) due at 05:00 GMT (15min) Previous: 49 https://www.dailyfx.com/economic-calendar#2021-05-13
  • Crude oil double top in the works? - #CL1! chart https://t.co/IXWHfFNqRF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.04%, while traders in GBP/USD are at opposite extremes with 64.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lrz6hYQcvg
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.11% 🇳🇿NZD: 0.05% 🇬🇧GBP: 0.04% 🇪🇺EUR: 0.01% 🇯🇵JPY: -0.02% 🇦🇺AUD: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DLZh2GHNhV
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/fVwp2V0qJx
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.36% Wall Street: 0.35% Germany 30: -0.35% FTSE 100: -0.37% France 40: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6tcRDVZ12c
EURUSD - Confluence of Support Key to Near-term Outlook

EURUSD - Confluence of Support Key to Near-term Outlook

Paul Robinson, Strategist

What’s inside:

  • EURUSD still sporting a bullish posture as long as confluence of support not far below holds
  • A break would shift gears towards 11000
  • On a hold of support, looking for a move to develop towards 11400.

Check out our Trading Guides to find out what’s driving EURUSD, as well as other markets.

At the June monetary policy meeting on Thursday, Draghi and the ECB erred on the dovish-side – the result was minor pressure on the euro, but nothing overly damaging to a currency which is still viewed through a sound technical lens. That is as long as support levels not far below hold. The mid-111s are the focus as important support, an area which dates back to August of last year. A key bullish reversal on 5/30 on a failed attempt to break through helped cement this area as significant. Coming into confluence with price support is a rising trend-line beginning back in April. A touch and reverse at that juncture could offer an attractive spot for traders to join the trend higher. Should it break, then a gear shift towards seeing a deeper retracement back towards 11000 becomes the focus.

On the top-side, there is a thicket of resistance levels EURUSD must clear through; the anticipation on this end is that as long as support holds on the current dip we will see a move towards the upper end of the resistance zone ending not far beyond the 11400 threshold. Resistance levels are in close proximity to one another, starting with the 6/2 high at 11285, 11300, 11327, 11366, then 11428. On any move which progresses into those levels we’ll keep a watchful eye out for reversal activity indicating the move may have come to an end.

EURUSD: Daily

EURUSD - Confluence of Support Key to Near-term Outlook

Live events are held daily by DailyFX analysts, for a full line-up see theWebinar Calendar.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email bysigning up here.

You can follow Paul on Twitter at@PaulRobinonFX.

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

DISCLOSURES