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
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
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
  • Fed's Brainard: - Pandemic showed flaws in financial system - Need to consider reforms to protect against future shocks #Fed $USD
  • Fed's Brainard says stress that emerged in treasury markets may suggest need for standing repo or other changes
  • BoE's Ramsden: - Contingency planning is very different from thinking negative rates will be used - We want to be in a position that if things don't improve like our forecasts say, the tool of negative rates can be feasibly used if necessary #BoE $GBP
  • Heads Up:🇺🇸 Fed Brainard Speech due at 14:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇺🇸 Fed Williams Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.84%, while traders in France 40 are at opposite extremes with 67.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xGzM0SUjeR
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into start of the week / month! https://t.co/chKtG7waxH
  • wrote up the $Gold forecast for this week, a major level already in-play ~1725. #NFP the big item on the calendar, but lots of space on the chart until Friday https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2021/02/27/Gold-Price-Forecast-XAU-Tanks-Hard-as-Yields-Inflation-Fears-Climb.html https://t.co/xrlEzFbspb
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.58% 🇦🇺AUD: 0.46% 🇳🇿NZD: 0.22% 🇪🇺EUR: -0.16% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0epJpm4UcD
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZnn4H
Euro Technical Forecast: EURUSD May Break Falling Wedge Pattern

Euro Technical Forecast: EURUSD May Break Falling Wedge Pattern

Paul Robinson, Strategist

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