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
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
Bullish
Wall Street
Bullish
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 Bullard: - Fed will be less preemptive to tighten than in the past - Sees more inflation pressure in 2021 than in previous years #Fed $USD
  • The British Pound is beginning to lose ground against the commodity currencies: the AUD, the NZD, and the CAD, suggesting that its recent broad strength may be drawing to a close near-term. Get your $GBP market update from @MartinSEssex here:https://t.co/d015Cpcj1W https://t.co/LFQWfh34pY
  • EUR/USD climbs to a fresh monthly high (1.2238) following the semi-annual testimony with Federal Reserve Chairman Jerome Powell. Get your $EURUSD market update from @DavidJSong here:https://t.co/mGjClEgEhd https://t.co/dvqtOOCZok
  • Gold (XAU/USD) -1.7% at $1,773/oz....the $1,760/-$1,764/oz. level under pressure again. #gold #xauusd @DailyFX https://t.co/XS2INokIRx
  • Heads Up:🇺🇸 Fed Quarles Speech due at 16:10 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-02-25
  • As US yields climb higher, gold prices have dropped to session lows of 1770 - YTD low at 1761 USDJPY continues to track higher, hitting 106.22 (YTD high) High beta FX beginning to soften slightly as USDCAD recovers back above 1.25
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.44% 🇨🇭CHF: 0.33% 🇬🇧GBP: 0.05% 🇨🇦CAD: -0.03% 🇦🇺AUD: -0.16% 🇯🇵JPY: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SwhdGUNXdZ
  • The US10Y yield just matched the $SPX dividend yield (1.5%), making stock exposure a little bit less attractive at this stage. It's a huge concern for equities and one we discussed in yesterday's webinar - https://www.dailyfx.com/forex/market_alert/2021/02/24/Stock-Market-Forecast-for-the-Week-Ahead-Growth-to-Value-Rotation-Heats-Up.html?ref-author=phanks&QPID=917701&CHID=9
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: France 40: 0.12% FTSE 100: -0.07% Wall Street: -0.45% Germany 30: -0.52% US 500: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5DPlIjUwBA
  • Rising bond yields make gold less attractive as an investment. Inflation expectations and a weaker USD keep gold prices supported. Get your $XAUUSD market update from @HathornSabin here:https://t.co/FBWhw5vruO https://t.co/BUFxcxA73b
Euro Price Outlook: EUR/USD, EUR/GBP, EUR/JPY – Charts & Levels

Euro Price Outlook: EUR/USD, EUR/GBP, EUR/JPY – Charts & Levels

Rich Dvorak, Analyst

EUR/USD, EUR/GBP, EUR/JPY – EURO FORECAST & PRICE ACTION SETUPS

  • EUR/USD exploded above the 1.1100 price level and its 200-DMA on the back of widespread Euro strength and US Dollar weakness over recent trading sessions
  • EUR/GBP price action gained a mere 32-pips last week as Euro-Pound bulls grew exhausted and failed to surmount the 38.2% Fibonacci retracement of its year-to-date range
  • EUR/JPY prices just spiked to a 9-week high after the Euro-Yen surged past bearish trend resistance in an apparent topside breakout attempt

The Euro was one of the top performing major currencies last month alongside its pro-risk AUD peer. Euro price action climbed largely in response to an influx of demand that followed news of a proposed EU recovery fund.

Forex for Beginners
Forex for Beginners
Recommended by Rich Dvorak
Forex for Beginners
Get My Guide

EURO CURRENCY INDEX PRICE CHART: 2-HOUR TIME FRAME (30 APRIL TO 29 MAY 2020)

Euro Price Chart EUR Currency Index Performance May 2020

Chart created by @RichDvorakFX with TradingView

On balance, the Euro Index (EXY) gained 1.5% from April 30 to its 29 May close, which compares to the -0.65% monthly decline recorded by the US Dollar Index (DXY). Notable strength in the Euro, exacerbated by broad US Dollar weakness, propelled EUR/USD prices 160-pips higher last month and past a key barrier of technical resistance.

EUR Forecast
EUR Forecast
Recommended by Rich Dvorak
Get Your Free EUR Forecast
Get My Guide

EUR/USD PRICE CHART: DAILY TIME FRAME (DEC 2019-MAY 2020)

EURUSD Price Chart Euro to US Dollar Technical Forecast

The impressive advance notched by Euro price action over recent trading sessions helped spot EUR/USD explode above the 1.1000 handle as the most liquid FX pair soars past its 200-DMA. Though Euro bulls have strong-armed the bloc currency considerably higher against its safe-haven US Dollar peer, the late-March swing high remains a prominent obstacle.

EUR/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -12% 2% -4%
Weekly -21% 5% -7%
What does it mean for price action?
Get My Guide

This area might prove difficult to overcome seeing that EUR/USD price action currently rides along the upper channel of its 2-standard deviation Bollinger Band, which, statistically speaking, could facilitate a mean-reversion back lower. Barring a fundamental catalyst with potential of sparking a bearish reversal, however, EUR/USD has potential to extend its climb, perhaps toward its 2020 opening range near the 1.1200 price, if the Euro can surmount its 27 March intraday high.

EUR/GBP PRICE CHART: DAILY TIME FRAME (DEC 2019-MAY 2020)

EURGBP Price Chart Euro to Pound Sterling Technical Forecast

Euro strength this past month was most notable against the Pound Sterling. EUR/GBP price action surged about 280-pips, or roughly 3%, from its 30 April to 29 May close as the Euro rallied after holding support underpinned by the 0.8700 level. The 61.8% Fibonacci retracement of its year-to-date range approximately highlights this area of technical confluence. That said, corresponding with a rejection of the 38.2% Fibonacci retracement, spot EUR/GBP looks like it just formed a shooting star candlestick, which typically signal the possibility for a bearish reversal.

EUR/GBP MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 4% -5% 0%
Weekly -10% 12% -2%
What does it mean for price action?
Get My Guide

A breakdown of the relative strength index could accompany an acceleration in Euro-Pound selling pressure. In turn, this might steer spot prices lower toward trendline support extended through the 18 February and 06 May swing lows. Conversely, if spot EUR/GBP prices can top the March 27 intraday high, Euro bulls might attempt to make another push higher and potentially target the 23.6% Fib level.

EUR/JPY PRICE CHART: WEEKLY TIME FRAME (AUG 2016-MAY 2020)

EURJPY Price Chart Euro to Yen Technical Forecast

EUR/JPY price action has been on an absolute tear higher since printing an apparent double-bottom pattern near the 115.00 mark. After the Euro spiked a whopping 500-pips against the Yen over the last three weeks, however, EUR/JPY now trades a touch below the 120.00 handle and faces noteworthy opposition going forward.

Top Trading Opportunities in 2021
Top Trading Opportunities in 2021
Recommended by Rich Dvorak
Get Your Free Top Trading Opportunities Forecast
Get My Guide

EUR/JPY bears might reiterate the overarching bearish trend developed by the major cross currency pair since 2018 as spot prices flirt with the 50-week exponential moving average. Nevertheless, spot EUR/JPY could keep climbing if trader sentiment remains unfazed and continues to weigh negatively on Japanese Yen outlook. On that note, eclipsing the 120.00 area might open up the door for Euro-Yen bulls to target year-to-date highs near the 112.50 price level.

Keep Reading: US Dollar, Nasdaq, Chinese Yuan React to Trump-China Presser

-- Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES