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
EUR/USD
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
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • Tune in to @JMcQueenFX's #webinar at 1:45 AM ET/5:45 AM GMT for live coverage of the UK #GDP. Register here: https://t.co/bpZzPpx2yb https://t.co/buaGdvXIs7
  • 🇯🇵 Industrial Production YoY Final (MAY) Actual: -26.3% Expected: -25.9% Previous: -15% https://www.dailyfx.com/economic-calendar#2020-07-14
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/EoFBiVss6y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 74.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/KEifgdky1z
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.11% 🇦🇺AUD: -0.01% 🇬🇧GBP: -0.02% 🇨🇭CHF: -0.04% 🇳🇿NZD: -0.10% 🇨🇦CAD: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tdHfhlRoON
  • Heads Up:🇯🇵 Industrial Production YoY Final (MAY) due at 04:30 GMT (15min) Expected: -25.9% Previous: -15% https://www.dailyfx.com/economic-calendar#2020-07-14
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: 0.09% Wall Street: 0.08% FTSE 100: -1.47% France 40: -1.61% Germany 30: -1.83% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/8NLFFxuuXr
  • RBNZ Credit Conditions Survey - New Zealand banks report a decline in demand for credit during first half of 2020. - Banks indicate lending standards are likely to tighten.
  • 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/OjTZOQEytM https://t.co/0KdF1bvOXW
  • 🇨🇳 Balance of Trade (JUN) Actual: $46.42B Expected: $58.6B Previous: $62.93B https://www.dailyfx.com/economic-calendar#2020-07-14
Euro Technical Forecast: EURUSD May Break Falling Wedge Pattern

Euro Technical Forecast: EURUSD May Break Falling Wedge Pattern

2019-06-22 04:00:00
Paul Robinson, Strategist
Share:

Euro Technical Outlook:

  • EURUSD on the cusp of triggering falling wedge pattern
  • Could change the trend for the foreseeable future, but…
  • Resistance is resistance until broken and sustained

Check out the DailyFX Trading Guides page for intermediate-term forecasts, educational content aimed all experience levels, and more.

EURUSD on the cusp of triggering falling wedge pattern

Last week, the Euro stopped its decline around support just under 11200 and swung higher to press up against the top-side of a falling wedge that has been building since August. The breakout of the wedge could result in a powerful move as pent up pressure in a low-volatility environment is due to be released.

But resistance is resistance until proven otherwise, and even if the confluence of the June 7 high at 11348, the January trend-line, and the 200-day just a few pips higher is broken, we will want to see how the rally holds. There have been numerous attempts to trade higher in recent months, but each of them has ended in speedy reversals back lower.

With that in mind, if the next week can bring a closing weekly candlestick above the top-side t-line of the wedge, it would add conviction to a bullish outlook. Tactically, this means fresh longs may be best kept on the back-burner for now. Would-be shorts could look to lean on resistance levels close by as a line-in-the-sand.

Check out the IG Client Sentiment page to find out how changes in positioning in major markets could signal the next price move.

EURUSD Weekly Chart (Falling wedge)

EURUSD

EURUSD Daily Chart (Confluence of resistance)

EURUSD

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

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

DISCLOSURES

News & Analysis at your fingertips.