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
EUR/USD
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
Bearish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Amid global equities climbing higher, the Japanese Yen has seen demand fade, particularly after a bout of disappointing Japanese economic data. Get your $JPY market update from @CVecchioFX here: https://t.co/vBNpDHIRbq https://t.co/0Q8pHpdw3z
  • Canadian #Dollar Outlook: $USDCAD Pullback to Offer Opportunity - #Loonie Levels - https://t.co/eBhP0fhmk8 https://t.co/nE6pCQcLeH
  • Silver prices have struggled to set support over the past week, but today’s move is encouraging for Silver bulls and there may be scope for topside continuation. Get your $XAG market update from @JStanleyFX here:https://t.co/IXGwt7iWOY https://t.co/oGfeq9BhUx
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 2.91% Gold: 1.18% Oil - US Crude: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DguhEbR3xk
  • Mnuchin and Pelosi plan to continue talks on stimulus later today - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.36%, while traders in Wall Street are at opposite extremes with 64.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/1hXd5NIVwS
  • $SPX battling it out at resistance. same zone that was in-play mid-August, and was also the prior ath set in Feb $ES $SPY https://t.co/lgu4PPk1cK
  • 🇧🇷 Balance of Trade (SEP) Actual: $6.2B Expected: $7.1B Previous: $6.6B https://www.dailyfx.com/economic-calendar#2020-10-01
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.43% Germany 30: 0.01% Wall Street: 0.00% France 40: -0.03% FTSE 100: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/RJRCefPXqH
  • Check out the @DailyFX Trader Education Center for detailed insight on how to trade pennant chart patterns plus more found at the link below: https://www.dailyfx.com/education/technical-analysis-chart-patterns/pennant-pattern.html/?ref-author=Dvorak
EURUSD - Confluence of Support Key to Near-term Outlook

EURUSD - Confluence of Support Key to Near-term Outlook

2017-06-10 05:50:00
Paul Robinson, Strategist
Share:

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