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. See our updated Privacy Policy here.

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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • 8 out of 11 S&P 500 sectors ended higher, with 69.5% of the index’s constituents closing in the green. Financials (+0.61%) and information technology (+0.56%) outperformed, while healthcare (-0.73%) and real estate (-0.59%) trailed behind. https://t.co/MiGE1XFknG
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/3US2UaRckO
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/z9XcfuxLOx
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/hQgZB9T73q
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10CKUR https://t.co/9JVh6BsWa2
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/ZDuee58Abe
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/niJL2W2yXV
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/0rNbbrd58e
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/zPzJAxBJxt
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
EURUSD Weekly Technical Forecast: Euro Flirting with Support Break

EURUSD Weekly Technical Forecast: Euro Flirting with Support Break

Paul Robinson, Strategist

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