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
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
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
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇪🇺EUR: 0.03% 🇨🇭CHF: 0.02% 🇳🇿NZD: -0.03% 🇦🇺AUD: -0.08% 🇨🇦CAD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DFYLycgM4p
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.59% Germany 30: 0.55% FTSE 100: 0.47% US 500: 0.07% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Bl2cnt8tKJ
  • Ahead of Friday's NFPs, the Dollar took a dive this past session which has set back a DXY inverse head and shoulders and pushed a EURUSD rising wedge. But the pair taking most advantage of the Greenback slip: $USDCAD. Watch this pair and the Dollar ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/07/Dollar-Break-Disarms-Bigger-Reversal-Before-NFPs-Canadian-Dollar-a-Big-Mover.html https://t.co/WiHjD9XBRI
  • The Canadian Dollar may resume its broader advance against the Japanese Yen given the less-dovish scope of the BoC compared to the BoJ now and perhaps in the long run.Get your $CAD market update from @ddubrovskyFX here:https://t.co/LjuvBh7pL3 https://t.co/ItAq5lCrLj
  • 🇨🇳 Balance of Trade (APR) Actual: $42.85B Expected: $28.1B Previous: $13.8B https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇨🇳 Balance of Trade (APR) due at 03:00 GMT (15min) Expected: $28.1B Previous: $13.8B https://www.dailyfx.com/economic-calendar#2021-05-07
  • (Crypto Tech) Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Analysis: Will Trend Reversal Clues Play Out? #Bitcoin #Ethereum #Litecoin #USD #Crypto https://www.dailyfx.com/forex/technical/article/special_report/2021/05/07/Bitcoin-BTC-Ethereum-ETH-Litecoin-LTC-Analysis-Will-Reversal-Hints-Realize.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/wRD19FT1sH
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.32% Oil - US Crude: 0.07% Gold: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3z8cO8E3JS
  • Gold prices have slipped lower in recent days. However, this seems to be only a temporary set-back as the long-term technical outlook continues to hint at further gains ahead. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/6Zuyx9UapR https://t.co/7agjeo8Q9m
  • RT @KyleR_IG: I've never done this before, so here it goes. A #FF for our new Singapore Market Analyst @Yeap_IG. Welcome aboard buddy. (Di…
EUR/USD Weekly Technical Forecast: Euro Hanging onto Breakout by a Thread

EUR/USD Weekly Technical Forecast: Euro Hanging onto Breakout by a Thread

Paul Robinson, Strategist

EUR/USD Technical Highlights:

  • Euro finally broke free from congestion, but…
  • Barely holding onto the top of the range
  • A drop back inside the range reverses bias to neutral to negative

Check out the recently released Euro Q1 Forecast to see our analysts’ intermediate-term fundamental and technical outlook.

Euro finally broke free from congestion, but…

Early last week the Euro broke free from the trading range that kept it at a standstill since late October, but by week’s end it was clearly at risk of failing to make good on the breakout. If EUR/USD can stay above the range, though, it has room to run.

In the event the return to the top of the range turns out to be only a retest, first up as resistance beyond last week’s high is the 200-day at 11632. Given the moving average doesn’t have any significant price resistance in confluence, it is only viewed as minor resistance at this time. The first big area of price resistance doesn’t arrive until around the 11800-level from September.

If the Euro falls back inside the range, then at the very least it puts the currency back into choppy trading mode and possibly sparks a reversal through the bottom of the range. From a tactical standpoint, for now running with a bullish trading bias for as long as the top of the range holds.

The other day I discussed Euro volatility and how it is pointing to larger price swings to come. We may be on the cusp of that with the range having been broken, even if the euro does fail back inside. The fact we are seeing some movement outside of the multi-week range suggests the market is starting to warm up for a bout of heightened volatility. Be patient, one way or another, the Euro will eventually find a trade-able trend.

Traders are generally flat EUR/USD, see the IG Client Sentiment page to see how changes in positioning could signal the next price move.

EUR/USD Daily Chart (Looking to build on breakout)

EURUSD

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

Other Weekly Technical Forecast:

AUD Forecast –Prices May Add Gains to USD, EUR But JPY Holds

British Pound Forecast –Light on the Horizon?

Equity Forecast –DAX Makes First Major Test, DJIA Gains Topping

Oil Forecast – Weak USD Gives Oil Biggest Weekly Gain in 2 Years

Gold Forecast: Four-Week Winning Streak Fails at 1300

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

DISCLOSURES