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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.38%, while traders in France 40 are at opposite extremes with 78.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/x6BPnBF4lP
EUR/USD Weekly Technical Outlook: Can the Euro Continue Friday's Reversal?

EUR/USD Weekly Technical Outlook: Can the Euro Continue Friday's Reversal?

Paul Robinson, Strategist

EUR/USD Technical Highlights:

  • Euro sell-off brought August lows into focus
  • Levels on top-side to watch arrive in 11430/50 area
  • Additional support below at underside 1-yr trend-line

For the intermediate-term fundamental and technical view, check out the DailyFX Q4 Euro Forecast.

Last week we saw the euro have a fairly rough week as the macro landscape continues to heat up with the Dollar rallying and stocks getting hammered. Selling pushed EUR/USD below recent support around 11500 and the trend-line from December 2016.

This brought into play the August low where the euro just ahead of the critical 11301 level found buyers. As we head through the next week, we’ll learn more about how much more sponsorship wants to show up. It was a fairly strong turnaround, one worth taking note of if short. From the long-side, no interest on this end at this time in trying to find a low.

On the top-side the underside of the December 2016 trend-line is up first as resistance, followed by 11430/50, which is made up of recent lows and a trend-line on the 4-hr running off the 10/16 high. In-line with the broader, a turn in momentum at resistance could offer another attractive spot for would-be shorts.

In the event 11301 eventually breaks, a trend-line extends beneath the August low from last November, this arrives in the low-11200s, and while not viewed as a substantial form of support it does present risk of putting in some kind of floor.

Check out this guide with four ideas on how to Build Confidence in Trading

EUR/USD Daily Chart (Found buyers near August low)

EUR/USD Weekly Technical Outlook: Can the Euro Continue Friday's Reversal?

EUR/USD 4-hr Chart (Resistance ahead)

EUR/USD Weekly Technical Outlook: Can the Euro Continue Friday's Reversal?

EUR/USD IG Client Sentiment

EUR/USD Weekly Technical Outlook: Can the Euro Continue Friday's Reversal?

As per IGCS, retail traders were buying into weakness at one of the stronger paces in quite a while, giving a bearish contrarian signal. But with the reversal in price action this trend may move in reverse if the turnaround is for real. For more details on the sentiment model and how it can act as a contrarian indicator, check out the IG Client Sentimentpage.

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 Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

Other Weekly Technical Forecast:

Australian Dollar Forecast: AUD/USD Price Sets Up for a Rise, GBP/AUD Risks Extending Reversal

British Pound Forecast: GBPUSD Short-Term Chart Looks Oversold

US Dollar Forecast: Dollar Advancing to 16-Month Highs Depends on Its Preferred Correlation

Equity Forecast: Technical Forecast for Dow, S&P 500, DAX, FTSE 100 and Nikkei

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

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