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
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
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The #USD technical outlook against #ASEAN FX remains broadly bearish, check out my latest update here - https://www.dailyfx.com/forex/technical/article/special_report/2020/12/03/US-Dollar-May-Stiill-Struggle-USDSGD-USDIDR-USDMYR-USDPHP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Uluv7XsimX
  • $EURUSD is currently facing down the midpoint of the 2014-2017 range and its historical range around 1.2125/50. How robust is this move? Is it more a Dollar slide or a Euro rally? I discuss that today: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/03/EURUSD-Continued-Climb-to-Over-Two-Year-High-May-be-More-of-a-Euro-Move-than-Dollar.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kas6ea1ShA
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.02% 🇨🇦CAD: -0.07% 🇳🇿NZD: -0.10% 🇦🇺AUD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/P2eGs7wOLQ
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: France 40: -0.10% Wall Street: -0.14% US 500: -0.15% Germany 30: -0.23% FTSE 100: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UTmuwSgVa6
  • Mayor of Los Angeles says the city is near 'devastating' tipping point following announcement of city wide stay-at-home order $DXY $SPX
  • Mayor of Los Angeles orders a stay-at-home order amid rising Covid cases $DXY $SPX
  • The dispute between the Federal Reserve and the Treasury Department concerned economists and government officials last week. Traders, however, appeared unfazed as U.S. equity markets proceeded to higher ground. Get your market update from @FxWestwater here:https://t.co/DKK7WWHKlu https://t.co/K1f9Y1h4sn
  • China official urges preparation for Covid vaccine production - Xinhua via BBG
  • Over the past seven days, $EUR has been the best performing G10 major vs the #USD with a 1.66% spot return while $GBP has been the worst at -0.11% spot return $EURUSD $GBPUSD $DXY
  • The US Dollar (via the DXY Index) has hit fresh lows amid the latest headlines around US fiscal stimulus talks. Get your market update from @CVecchioFX here:https://t.co/yDXdpZIcxq https://t.co/GlSrdNjEeZ
Euro Technical Outlook: EUR/USD Breakdown Aims For Multi-month Lows

Euro Technical Outlook: EUR/USD Breakdown Aims For Multi-month Lows

2020-10-31 03:00:00
Michael Boutros, Strategist
Share:

Euro Technical Price Outlook: EUR/USD Weekly Trade Levels

  • Euro updated technical trade levels & sentiment – Weekly Chart
  • EUR/USD weekly reversal off confluence resistance eyeing initial support
  • Critical support at 1.1445/86 – Key resistance at 1.1823/35
Advertisement

Euro marked a weekly reversal against the US Dollar with EUR/USD down more than 1.7% this week to trade at 1.1640 ahead of the New York close on Friday. The decline is now approaching initial support objectives and while the decline may be poised for a brief respite, the broader risk remains for a deeper correction in price. These are the updated targets and invalidation levels that matter on the EUR/USD weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown of this Loonie technical setup and more.

Starts in:
Live now:
Dec 07
( 13:12 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Euro Price Chart – EUR/USD Weekly

EURUSD Chart

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Notes:In my last Euro Weekly Price Outlook we noted that the, “recent Euro recovery is approaching the first major resistance zone and leaves the rally vulnerable here.” The level in focus was 1.1823/35- a region defined by the 61.8% Fibonacci retracement of the 2018 decline and the yearly high-week reversal close. Price briefly registered a high at 1.1880 before reversing lower with a break of the October opening-range fueling a decline of more than 1.8% off the monthly high.

The decline is now approaching initial weekly support at the 2016 swing high at 1.1616- be on the lookout for inflection off this region with the a close below needed to keep the focus on critical confluence support at the 2019 yearly open / 38.2% retracement / 100% extension at 1.1445/86. Weekly resistance steady at 1.1823/35 – we’ll continue to reserve this threshold as our bearish invalidation levels with a breach / close above needed to shift the focus higher in price.

EUR Forecast
EUR Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly Euro Price Forecasts!
Get My Guide

Bottom line: Euro has reverse red off confluence downtrend resistance with the decline now approaching lateral support near the 1.16-handle. From a trading standpoint, a good zone to reduce short-exposure / lower protective stops- be on the lookout for inflection here with a break below needed to mark resumption of the September correction. Ultimately, a larger correction may offer more favorable entries closer to uptrend support. Review my latest Euro Price Outlook for a closer look at the near-term EUR/USD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.25 (44.52% of traders are long) – weak bullish reading
  • Long positions are2.76% higher than yesterday and 40.71% higher from last week
  • Short positions are1.07% lower than yesterday and 30.51% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Yet traders are less net-short than yesterday & compared with last week and recent changes in sentiment warn that the current EUR/USD price trend may soon reverse lower despite the fact traders remain net-short.
EUR/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 13% -4% 0%
Weekly 18% 8% 11%
Learn how shifts in Euro retail positioning impact trend
Get My Guide

---

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES