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
Mixed
Wall Street
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
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • BoE's Haskel says too early to say if vaccine news will significantly improve the bank's economic outlook for 2021 $GBP
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 13:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-24
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/p8sZvpya4i
  • 🇲🇽 Unemployment Rate (OCT) Actual: 4.7% Expected: 5% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Mid-month Inflation Rate YoY (NOV) Actual: 3.43% Expected: 3.63% Previous: 4.09% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Unemployment Rate (OCT) Actual: 4.7 Expected: 5% Previous: 5.1% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Mid-month Inflation Rate YoY (NOV) Actual: 3.43 Expected: 3.63% Previous: 4.09% https://www.dailyfx.com/economic-calendar#2020-11-24
  • 🇲🇽 Mid-month Inflation Rate MoM (NOV) Actual: 0.04% Expected: 0.24% Previous: 0.54% https://www.dailyfx.com/economic-calendar#2020-11-24
  • GBPCHF remains interesting...all 3 moving averages look positive, with added 50-/200-sdma 'golden cross' being formed, horizontal resistance being probed #sterling #gbpchf @DailyFXTeam https://t.co/Qc3RsDrCnd
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 12:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-24
EURUSD Weekly Technical Forecast: Euro Flirting with Support Break

EURUSD Weekly Technical Forecast: Euro Flirting with Support Break

2019-02-17 04:00:00
Paul Robinson, Strategist
Share:

EURUSD Technical Highlights:

  • Euro seeing limited sponsorship around important support
  • Change in character from before may be sign of momentum to come

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

Euro seeing limited sponsorship around important support

Heading into last Monday, given the way the Euro has traded in recent months in this low volatility environment, the expectation was for a bounce from support instead of slicing on through. The bounce on Tuesday started to look like other prior lows in recent months, but the final days of the week began to demonstrate a change in character

The fact that EURUSD is struggling to bounce after selling off and hitting support suggests that sellers are growing in number and that a breakdown of meaning could be just around the bend. As long as price on a closing basis stays below the weekly high at 11341, a neutral bias at the least will be intact.

A drop below 11215, the November low, will leave behind the support we saw hold last week and have the worst levels since June 2017 in play. As discussed on numerous occasions in recent weeks, Euro volatility is very low and due for a pop. A break of key support levels may do the trick in the days ahead.

If the November low breaks, next up is support by way of 11119 and the underside trend-line from November 2017. This could certainly quash any excitement of real momentum coming in, but if that can’t hold along then there isn’t much in the way of visible support for a good way lower.

All-in-all, price action is showing signs of changing from the recent norm, which should have traders on higher-than-normal alert for momentum to develop. It could be another false signal, but then again it might not, and as the saying goes, ‘chance favors the prepared mind.’

Traders are long EURUSD by a good amount, see the IG Client Sentiment page to find out how changes in positioning can act as a signal for price direction.

EURUSD Daily Chart (Breakdown could be very near)

EURUSD Daily

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 Eyes Resistance, AUD/NZD Resumes Fall, GBP/AUD May Bounce

Oil Forecast – The 2019 Crude Bull Market Has Arrived

British Pound Forecast – GBPUSD & EURGBP

US Dollar Forecast – Dollar Within Reach of Two-Year High but Reversal Pressure High

Gold Forecast – Gold Prices Stopped Short of Resuming Dominant Uptrend, Watch RSI

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

DISCLOSURES