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
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
Wall Street
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
Gold
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • webinar time... https://www.dailyfx.com/webinars/455809179 topics up for discussion today: 1) USD - do something 2) Stocks supported on stimulus hopes 3) Crosses cleaning up a bit? starting right meow https://www.dailyfx.com/webinars/455809179 https://t.co/zj9XN14BDv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.82%, while traders in EUR/USD are at opposite extremes with 72.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qMPdBfUArS
  • Heads Up:🇺🇸 Fed Evans Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • House Speaker Nancy Pelosi: -Optimistic for stimulus deal -Trump administration has come a long way toward reaching an agreement -Want to crush the virus -Need to improve health care language on stimulus bill -Will speak with Treasury Secretary Steven Mnuchin today at 3PM ET
  • Netflix earnings is due after the close today. Despite its being a vaunted FAANG member, I think it will draw less attention than tomorrow's Tesla update which has worked its way even higher into the speculative echelon. Personally, I put more on CSX as a reflection of economy.
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 1.27% Oil - US Crude: 0.31% Gold: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pLRpke3JAJ
  • The bull market in gold has been in correction mode since it peaked in early August, and while it appears is a healthy retracement at this juncture, it is unclear just how much longer it will last. Get your $XAUUSD technical analysis from @PaulRobinsonFX :https://t.co/5etzhvsLuC https://t.co/aE7SaPPwih
  • $SPX bull flag + 38.2 retrace of the sep-oct major move $SPY $ES https://t.co/NbehE85NQc
  • Hey traders! Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/x2Db7s11Cz
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.53% 🇪🇺EUR: 0.49% 🇨🇭CHF: 0.34% 🇯🇵JPY: -0.13% 🇦🇺AUD: -0.17% 🇳🇿NZD: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Yql52APvbV
EUR/USD Weekly Technical Forecast: Euro Moving Towards Key Support to Curb Persistent Selling

EUR/USD Weekly Technical Forecast: Euro Moving Towards Key Support to Curb Persistent Selling

2018-05-26 03:50:00
Justin McQueen, Analyst
Share:

EUR/USD TECHNICAL HIGHLIGHTS:

  • EURUSD selling shows no signs of abating, close below Jan 2017 trendline sets up further weakness
  • Key risk events on the calendar come in the form of Eurozone inflation and US NFP report

For the intermediate-term fundamental and technical outlook on EUR/USD, check out the recently released DailyFX Quarterly Forecast.

The theme of selling EURUSD has shown no signs of abating with the pair now trading around the mid-1.16 area. Last week saw the trendline dating back to January 2017 offer some mild support on Wednesday, however, another bout of Euro weakness saw the trendline support ultimately breached. A close below the trendline could provide a telling sign that another leg lower will be in store for the pair.

As we look ahead to next week, risk events on the calendar for the Euro will come in the form of the Eurozone inflation and the latest US NFP report. In terms price action, the aforementioned breach of the Jan’17 trendline sets up run in on the 2016 high situated at 1.1616, while a weekly low from November 7th at 1.1553 looks to be pivotal, a break below will likely see an extension of the bear run. Resistance on the topside resides at 1.1709, marking the 38.2% Fibonacci Retracement of the 1.0340-1.2556 rise, alongside 1.1750 (May 24th high).

EURUSD bulls on the longer term may find comfort in the fact that the Relative Strength Index on the daily chart is in oversold territory, which could indicate that the pair may see a modest reversal in the near-term. However, when the pair has previously been in oversold territory the rebound has been mild at best and followed by another wave of selling.

EURUSD CHART: DAILY TIMIE-FRAME (Sep 16-May-18)

Please add a description for the image.

Chart by IG

HELPFUL 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 Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES