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.

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
GBP/USD
Bullish
USD/JPY
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
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
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
Bitcoin
Bullish
More View more
Real Time News
  • Update on #Cryptocurrencies #BITCOIN -2.18% #BITCOINCASH -2.87% #ETHEREUM -2.80% #RIPPLE -2.19% #LITECOIN -3.77%
  • Aussie in Focus Ahead of Australian Employment Change & Unemployment Rate Data Due Early Thursday - via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2019/10/16/aud-price-audusd-audjpy-euraud-australian-employment-report-on-deck.html $AUDUSD $AUDJPY $EURAUD $GBPAUD $AUDCAD $AUDNZD #Forex #Trading #RBA #Ausbiz #AustralianDollar https://t.co/7RnaVpmq54
  • We are on pace for another exceptionally small $SPX range today. Not as small as Monday's but second smallest turn in two-and-a-half months https://t.co/oCnn4teBWP
  • Overnight swaps are pricing an 86.3% chance for a rate cut at this month's FED meeting https://t.co/aOIeCIdaCy
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.47% Oil - US Crude: -0.13% Silver: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/sLHTPQGMGX
  • We’re looking for a break of the weekly opening-range in #Gold prices with the risk lower while with the confines of this formation. Get your $gld technical analysis from @MBForex here: https://t.co/3EuRETvTFL $XAUUSD https://t.co/kfAET1FI7g
  • EU Chief Brexit Negotiator Barnier tell EU envoys that talks will continue through the night $EUR $GBP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.12%, while traders in France 40 are at opposite extremes with 81.95%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/a5A5aiiHBT
  • Fed's Kaplan says turmoil in repo market shows that system needs more reserves $DXY
  • Fed's Kaplan says looking back the criticism of rake hikes in late 2018 was fair $DXY #FED
EUR/USD Weekly Technical Forecast: Breach Through Key Support Paves Way for Deeper Declines

EUR/USD Weekly Technical Forecast: Breach Through Key Support Paves Way for Deeper Declines

2018-08-11 11:00:00
Justin McQueen, Analyst
Share:

EUR/USD TECHNICAL HIGHLIGHTS:

  • Key Support at 1.1500 Break
  • Euro at Risk of Deeper Declines Towards 1.1350
  • ReliefBid Confirmed Provided Euro Closes Above 50% Fib

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

The Euro endured a torrid time last week with the currency trading below key support at 1.15 for the first time since July 2017. As such, the break through the range base that has been in place since May does not provide much hope for Euro longs who will continue to head for the exit as the near-term prospects for the Euro have soften.

Persistent weakness below 1.15 would imply that the outlook for the Euro has grown more negative in the near-term. Alongside this, a firm break through the 50% Fib level of the 1.0340-1.2560 rise at 1.1450 and more importantly a close below could suggest that declines will gather pace with paving the way for a making a move towards 1.1350. As such, failure for 1.1350 to hold leaves the pair vulnerable to deeper declines, with little in the way of notable support before 1.1188, which represents the 61.8% Fib.

Given the sizeable declines in Friday’s session, which is the largest since June 14th, opportunities may present itself for some respite, as was the case after the price action seen on June 14th. Consequently, a bounce back towards 1.15 would be confirmed provided that the pair is able to consolidate and hold above 1.1450.

EURUSD CHART: Daily Time Frame (November 2017-August 2018)

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

News & Analysis at your fingertips.