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
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
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • 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/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/QMKyTBOKNG
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:https://t.co/WdTG2niAKz https://t.co/2j02VyH0wm
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
EURUSD Weekly Technical Forecast: Euro to Weaken in Days Ahead

EURUSD Weekly Technical Forecast: Euro to Weaken in Days Ahead

Paul Robinson, Strategist

EURUSD Technical Highlights:

  • Euro momentum stalling around resistance, suggests next move is down
  • General trend favors more weakness from here or just a bit higher

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

Euro momentum stalling around resistance, suggests next move is down

The Euro’s bounce from near the November low looks to have run its course with momentum having stalled since Wednesday. Upward momentum fizzled out upon an attempt to cross over the lower parallel in place since November, with the 4-hr chart showing the makings of a corrective wedge.

The downward trend, resistance, and price action combine to suggest EURUSD is headed lower in the days ahead. If this is the case, first up will be the recent low at 11234, followed by the November low at 11216. At the rate things have been going lately, it could be a stretch that we see an extended slide too far beyond either of those levels without another bounce.

The more likely scenario appears to be for weakness from current levels, but alternatively if buying pressure comes in and pushes the Euro past last week’s high, it will still have a difficult time sustaining loftier levels as both trend structure and a trend-line from last month work against the Euro.

Volatility will return but until it does we need to continue to respect the current environment and take it for what it is. Given the historical extremes in low volatility, a resurgence in price swings won’t be a one-week event, but rather a material regime change that will last for a significant stretch of time. The bottom line is that if volatility suddenly sneaks up on us there will be plenty of time to change gears and take advantage of it without trying to spend too much time trying to anticipate its arrival.

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

EURUSD Daily Chart (Resistance, momentum faltering)

EURUSD Daily Chart

EURUSD 4-hr Chart (corrective wedge forming)

EURUSD 4Hour Chart

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 Forecasts:

Australian Dollar Forecast – AUD/USD, AUD/JPY and AUD/NZD Eye Trend-Forecasting Patterns

Oil Forecast– Bears May Want to Turn Away, Momentum is Here

British Pound Forecast – Selling Off Into Support

US Dollar Forecast – Dollar Faces Volatility Potential but Breakout and Trends are Still Far Reach

Gold Forecast– Prices May Be Readying to Reverse 6-Month Dominant Uptrend

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

DISCLOSURES