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
Bullish
Gold
Mixed
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
Bearish
More View more
Real Time News
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/A517hC0JAG
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/jBFhVRWLyy
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/u0HoA9tVvz
  • The #Euro may pay the price for the EU’s stance on its digital sovereignty while the US Dollar eyes closely-scrutinized US fiscal stimulus talks. Get your $EURUSD market update from @ZabelinDimitri here:https://t.co/Ga3DdHod7j https://t.co/Mfhb5iqLF6
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/TvedUlvwxd
  • While the balance sheet did not set higher highs US initial jobless claims fell to their lowest since the middle of March If you invert jobless claims, it set a higher high alongside #SP500 #FoodForThought ahead of the weekend, and have a good one! https://t.co/n6SaEdnpMi https://t.co/AKNYNlUa4l
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/zuQMaDqScY
  • When is a 1.76 million jobs added to the US economy underwhelming? When it is still 12.88 million jobs from the pre-pandemic level and economists warn the subsequent gains are going to slow sharply... https://t.co/IUMBsiGYYC
  • The New Zealand Dollar may extend its surge from yearly lows as it tentatively signals a cyclical upturn. NZD/USD, NZD/JPY rates poised for further gains. Get your market update from @DanielGMoss here: https://t.co/vrOuFkvWpX https://t.co/wKbQNFAZbn
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/nh7SspnIzF
EUR/USD Weekly Technical Outlook: Will the Euro Cooperate and Break 11500?

EUR/USD Weekly Technical Outlook: Will the Euro Cooperate and Break 11500?

2018-08-04 13:33:00
Paul Robinson, Strategist
Share:

EUR/USD Technical Highlights:

  • EUR/USD on the verge of testing the all-important 11500 level
  • A break will have the euro rolling downhill, while…
  • A hold will bring further digestion, possible descending wedge

See what is driving EUR/USD on a fundamental basis and our intermediate-term techncial perspective in the DailyFX Q3 Euro Forecast.

The euro attempted to rally last week but quickly ran out of steam over 11700 and closed the week with the threat of breaking 11500 now very much alive. For those looking for momentum on existing shorts or a sound reason to enter short, 11500 is one of the bigger levels out there right now across any currency or market. For longs, a sustained break will be reason to abandon ship.

If a decline gains momentum, there aren’t any significant price levels to speak of. The size of the wedging pattern is around 300 pips, which implies a measured move to around 11200. But perhaps we see a quick head-fake dip under 11500 before reversing higher. The key will be to sustain below support on a daily closing basis if the euro is to make good on a breakdown.

A drop below support could come at any time, but we may first see another hold of support and further congestion. If 11500 stays firm then it may be more of the same; chop, chop, until either another attempt is made to break the big level or try and put together a rally. The chop could lead to a developed descending wedge, which for the patient trader may lead to an even better opportunity down the road as even more pressure builds...

Gotten a little off track? It’s happens to everyone, which is why we put together these 4 ideas to help rebuild your confidence.

EUR/USD Daily Chart (11500 = Big)

EUR/USD daily chart wedging, 11500 level = big

EUR/USD Sentiment

As per IGCS, traders were buying into last week’s decline and should this pick up as the euro passes through support then it could signal that a sustained break is on its way. For more details on sentiment and how it acts as a contrarian indicator, check out the IG Client Sentiment page.

EUR/USD IG Client Sentiment

EUR/USD IGCS 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

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

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.