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
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
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • - Silver prices could pull back as negative RSI divergence shows slowing momentum - Copper prices have risen over 20 percent, are now trading above 17-year uptrend - Monthly perspective show the base metal has entered into a key compression zone https://www.dailyfx.com/forex/market_alert/2020/06/02/Silver--Copper-Prices-Enjoyed-a-Nice-Ride---Is-it-Time-to-Get-Off.html
  • What is it about a colorful Bloomberg Terminal that is so satisfying to look at? https://t.co/Qtv9wwQv75
  • I have finally found a way to express the social climate in San Francisco and the effects of peer pressure: https://t.co/yYFXFHG2Lb
  • The US Dollar, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop.Get your market update from @ZabelinDimitri here:https://t.co/L8cfAgVx94 https://t.co/vwChirq7SL
  • S&P 500 Forecast: Stocks Face Peril as Day of Reckoning Looms Link: https://www.dailyfx.com/forex/fundamental/article/special_report/2020/06/01/spx-sp500-forecast-stocks-face-peril-as-day-of-reckoning-looms.html $SPX $SPY $ES_F #StockMarket #Investing #Analysis https://t.co/sufK8mMtD4
  • #ASEAN currencies (such as SGD, IDR, PHP and MYR) are relatively outperforming the #USD at a stronger pace than the Indian #Rupee vs the Greenback. This is despite notable gains in the MSCI #EmergingMarkets Index. Full $USDINR, #Nifty piece to come later today! https://t.co/n0SlkfnYOV
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/9gFVefFC3w
  • ⬇️Asia-Pacific Preview⬇️ - Wall Street buoyancy may spill over into Asia as investors shrug at domestic unrest - AUD and #NZD could rise with APAC stocks despite HK risks - #AUDUSD blew past key resistance and may now challenge multi-week swing-high https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/06/01/AUD-NZD-May-Rise-With-APAC-Stocks-Ahead-of-RBA-Rate-Decision.html
  • 🇰🇷 GDP Growth Rate YoY Final Actual: 1.4% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇰🇷 GDP Growth Rate QoQ Final Actual: -1.3% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2020-06-01
Guest Commentary: EUR/USD: The More Bullish it Looks, The More Bearish it Actually Is!

Guest Commentary: EUR/USD: The More Bullish it Looks, The More Bearish it Actually Is!

2013-04-26 14:50:00
Ed Matts, Technical Strategist
Share:

* The Euro continues to map out a very bearish medium term outlook following the 1997 Pandora's Box analogy. We therefore remain medium term short from 1.3180.

* The decline from 1.3200 is very similar to that from 1.3710 which suggests that breaks to new lows will probably not be sustained without an overlapping pullback.

* This downward ratchet should give the impression its correctivebut it will probably only end once the bulls have turned bearish.

042613_Guest_Commentary_EURUSD_The_More_Bullish_it_Looks_The_More_Bearish_it_Actually_Is_body_Picture_2.png, Guest Commentary: EUR/USD: The More Bullish it Looks, The More Bearish it Actually Is!

We remain bearish the Euro as it maintains the window for the Pandora's Box 1997 style collapse. In fact the price action since the 1.3200 47% potentially corrective retracement is shaping very similar to the hesitant but persistent decline from the 1.3710 high. A decline that tried its hardest to stop you being short.

042613_Guest_Commentary_EURUSD_The_More_Bullish_it_Looks_The_More_Bearish_it_Actually_Is_body_Clipboard01.jpg, Guest Commentary: EUR/USD: The More Bullish it Looks, The More Bearish it Actually Is!

Indeed following the constructive decline to 1.3000 the Euro likely completed an irregular correction at 1.3095 yesterday beyond the C=A either wave 2 in downtrend or B within a more likely prolonged corrective consolidation. Either way, we remain short for a break down through 1.2955 in a bid to accelerate the decline. But if it follows the drop from 1.33710.. more likely within a downward ratchet that will see the market fight the decline initially at 1.2925 the 61.8% retracement later 1.2895 the new C=A but eventually probably stopping at the ideal 1.2775 c=1.618a B wave.

Until then rallies should stay below 1.3095 our short term stops or risk an early run at 1.3200 and possibly spiking to 1.3345 in a larger correction.

Further videos or commentaries are available from www.marketvisiontv.com or @EdMatts on Twitter.

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.