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
Bullish
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
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
More View more
Real Time News
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 6.08% Gold: 2.12% Oil - US Crude: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BONy6uctXc
  • My top three charts for most wanton volatility this past session in order: Moderna ($MRNA); Bitcoin ($BTCUSD) and $EURGBP (15min)
  • AUD/USD consolidates ahead of Australia’s Gross Domestic Product (GDP) report as the data is expected to confirm the first recession in nearly 30 years. Get your $AUDUSD market update from @DavidJSong here:https://t.co/JFPEGVAZDj https://t.co/0fTHbd6t3t
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.56%, while traders in EUR/USD are at opposite extremes with 76.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MSlYB2cBJ4
  • #Sterling Outlook: $GBPUSD Breakout Targets 2019 / 2020 Yearly Highs - https://t.co/reEpFP3uuV https://t.co/4Lq11aWSut
  • US Equity Update (Tuesday Close): $DJI +0.63% $SPX +1.13% $NDX +1.52% $RUT +0.89% $VIX +1.46%
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.05% Wall Street: -0.00% US 500: -0.01% France 40: -0.08% Germany 30: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/THoGZiCXvk
  • Things are popping in the FX market. $EURUSD is working on its biggest rally since March - and third biggest since Jan 12, 2018 when you exclude pandemic volatility. Even more impressive on weekly/monthly charts https://t.co/b7UjY0rEaY
  • Fed's Evans says Janet Yellen will be a great Treasury Secretary $DXY $SPX
  • Fed's Evans says rates to stay near zero until 2023, perhaps further out than that - BBG
EUR/USD Weekly Technical Forecast: Euro Set to Turn Back to the Upside?

EUR/USD Weekly Technical Forecast: Euro Set to Turn Back to the Upside?

2018-02-24 12:02:00
Paul Robinson, Strategist
Share:

EUR/USD Highlights:

  • EUR/USD has support at its feet via trend-lines/slopes
  • Up above is formidable resistance, but has room to get there
  • Giving support and trend the benefit of the doubt near-term

To view the longer-term technical and fundamental outlook for the Euro, or to see our top trade ideas for 2018, check out the DailyFX Trading Guides.

Last week, EUR/USD pulled back from the 2008 trend-line in-line with expectations, continuing the theme of weak one week, strong the next, back to weak again. Will the next sequence play out to the upside in the week ahead, continuing the back-and-forth period of indecision?

Giving support at its feet and the overall trend the benefit of the doubt, yes, that looks like the most likely outcome. There lies a short-term trend-line from mid-January crossing under Thursday’s low. That could break, though, which wouldn’t be bearish just yet as there is a much more important line of support not far beneath dating back to May 2016.

As long as the long-term slope holds, then the euro can still maintain a fairly positive posturing. Slip below, and swing-lows carved out in the last few weeks near 12200 will quickly come under fire, along with the breakout level (high of 2017 at 12092).

The ‘obvious’ resistance on the top-side remains that pesky 2008 trend-line. We have seen three rejections from it over the past month. If the euro keeps on running into it without turning lower in a meaningful way, at some point it seems likely it will break. A weekly close above is needed for confirmation given the long-term nature of the trend-line.

All-in-all, heading into the new week the euro is still given the benefit of the doubt for another push higher, but should levels start breaking on the downside then the 2008 trend-line may have marked an important high, at least in the intermediate-term.

Start learning today how to build confidence in your trading

EUR/USD Daily Chart

EUR/USD daily price chart

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES