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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • UK PM Boris Johnson: Second #Brexit referendum would be more toxic than the first $GBP
  • CFTC update: - $EUR sentiment continues to deteriorate - $GBP net shorts once again pared back https://www.dailyfx.com/forex/technical/article/cot/2019/10/14/Euro-Shorts-Increase-Sharply-GBPUSD-Less-Bearish-USD-Bulls-Rise---COT-Report.html?CHID=9&QPID=917713 https://t.co/EsT7ANANa8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.05% 🇨🇭CHF: 0.02% 🇪🇺EUR: -0.10% 🇬🇧GBP: -0.31% 🇦🇺AUD: -0.48% 🇳🇿NZD: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/B4pOnICHKX
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.14% US 500: 0.05% Germany 30: -0.05% France 40: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2v1GGEyKQk
  • #Gold prices tested the 1475 level late last week. Buyers soon showed up and prices bounced into last week’s close and that push has so far held through this week’s open. Get your $gld market update from @JStanleyFX here:https://t.co/BxIZxt27Rc https://t.co/gLVZ4MAUvL
  • GBPUSD shies away from 38.2% fib at 1.2503 - resistance at 1.2670 area - 50% fib and 200-dma..#gbp #gbpusd #sterling @DailyFX https://t.co/e239kidYZ7
  • PM Boris Johnson: UK WIll be high wage, low tax economy after #Brexit $GBP
  • Join @DailyFX and @IG_US for an exclusive evening of in-depth analysis with the legendary technical investor John Bollinger @bbands, on October 28th in Chicago. Book your free seat today! https://t.co/bchL1GrTg4 https://t.co/o0LAgWAjzX
  • USD/JPY & EUR/JPY Confront Critical Resistance Levels - JPY Price Outlook More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2019/10/14/USDJPY-EURJPY-Confront-Critical-Resistance-Levels--JPY-Price-Outlook-MK.html?CHID=9&QPID=917714 https://t.co/FxVwTimbka
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Gold: 0.10% Oil - US Crude: -2.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0G5nJA9qtX
Euro Weekly Technical Outlook: EURUSD Rejected by 200-DMA Again

Euro Weekly Technical Outlook: EURUSD Rejected by 200-DMA Again

2019-03-24 04:00:00
Nick Cawley, Analyst
Share:

Euro FX-Pairs Technical Analysis

  • EURUSD upside looks blocked.
  • EURGBP leaves overbought territory.

Q1 Trading Forecasts for a wide range of Currencies and Commodities, including EURUSD and EURGBP with our fundamental and technical medium-term technical outlook.

Looking for a fundamental perspective on Euro? Check out the Weekly Euro Fundamental Forecast.

How to Combine Fundamental and Technical Analysis.

The 200-day moving average refuses to yield to any EURUSD uptick and for the third time this year sent the pair lower after being challenged. EURUSD now trades back below the 20- and 50-day moving averages as well and currently trades either side of the 1.1300 line, and area that prompted rebounds over the last 4-5 months. While this area has been broken before, it remains to be seen if EURUSD will move lower again, especially as Wednesday’s high broke a pattern of lower highs for the first time this year, taking one negative technical indicator off the table. A confirmation that the pair are losing downside momentum would be confirmed if the March 7 low at 1.1176 remains in place, sparking a bullish higher low. Horizontal support kicks-in at 1.1232 (February 15) before 1.1215 (November 12, 2018). Initial resistance between 1.1320 and 1.1350.

EURUSD Daily Price Chart (July 2018 – March 22, 2019)

EURUSD Daily Price Chart

A volatile week for EURGBP, driven by Euro weakness and Brexit news flows. A sharp rally on Wednesday and Thursday was halted by a combination of the 38.2% Fibonacci retracement of this year’s range and to a lesser degree the October 10, 2018 swing-low at 0.8723. The CCI indicator at the bottom of the chart also showed the pair at its most overbought since mid-December 2018. Any further rally will be capped by the Fibonacci level at 0.8718 before the February 14 high and the 200-day moving average come into play around 0.8840. Thursday’s spike high did break the recent set of lower highs and may temper overly bearish sentiment in the short-term. To the downside a break and close below 0.8528 opens the way to a re-test of the 0.8472 multi-month low.

EURGBP Daily Price Chart (July 2018 - March 22, 2019)

EURGBP Daily Price Chart

How Central Banks Impact the Forex Market

Interest Rates and the Foreign Exchange Market

DailyFX has a vast amount of resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of constantly updated Educational and Trading Guides

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

Other Weekly Technical Forecasts:

Australian Dollar Forecast – AUD/USD Rebound Stalls Post-Fed

Oil Forecast – Evening Star Prints as $60 Breakout Fails

British Pound Forecast – British Pound Volatility Continues and a Break Is Inevitable

US Dollar Forecast – Is FOMC Scared of a Stronger DXY? Apparently So, As They Should

Gold Forecast – Gold Chart Shows Prices Flirting with $1,300 Again After Anti-Risk Bid

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

DISCLOSURES

News & Analysis at your fingertips.