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
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
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
More View more
Real Time News
  • The $USD gained versus SGD and IDR despite a “risk-on” tone in markets, boosted by strong declines in the Euro. What is the week ahead for USD/SGD, USD/IDR, USD/PHP and USD/MYR? Get your market update from @ddubrovskyFX here: https://t.co/3zCSbkEQ2c https://t.co/edBGpLGUPg
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.90% Silver: 0.52% Gold: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/AGzdmphrrt
  • LIVE IN 30 MIN: In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • My trading video for today: 'Dow and Apple Bow to #Coronavirus While Dollar Drives Different $EURUSD,$USDJPY Paths' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/19/Dow-and-Apple-Bow-to-Coronavirus-While-Dollar-Drives-Diferent-EURUSDUSDJPY-Paths.html?ref-author=Kicklighter&CHID=9&QPID=917719
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.14% 🇦🇺AUD: 0.11% 🇨🇦CAD: 0.09% 🇬🇧GBP: 0.00% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GhLoASjGfG
  • China reportedly mulling cash injections and mergers to aide local airlines adversely impacted by the #coronavirus outbreak -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.04%, while traders in France 40 are at opposite extremes with 81.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/A25EJZ6YHA
  • RT @Trinhnomics: #Headline: Chinese companies say they can't afford workers right now. So if companies don't pay workers (reduce input cos…
  • The $USD may reclaim some of its lost territory against the Swedish Krona and Norwegian Krone ahead of the release of the #FOMC minutes and Iran election. Get your market update from @ZabelinDimitri here: https://t.co/KjkR8mJu8s https://t.co/E3Sw7xO8Nh
  • Asia Pacific Equities Update: Nikkei 225 (+0.61%), Shanghai Composite (-0.05%), ASX 200 (+0.18%), KOSPI (+0.06%) [delayed] -BBG
Euro Shows No Signs of Let Up Despite Weaker Data

Euro Shows No Signs of Let Up Despite Weaker Data

2010-07-16 09:09:00
Joel Kruger, Technical Strategist


The Greenback has fallen way out of favor of late and we have been hearing that the latest price action has been attributed to longer-term accounts booking profit on long USD positions, and model funds establishing fresh Euro longs. 
Relative Performance Versus USD on Thursday (As of 9:00GMT) – 

1) YEN        +0.38% 
2) EURO -0.01%
3) SWISSIE         -0.16% 
4) STERLING -0.26%
5) CAD         -0.53%
6) AUSSIE -0.90%
7) KIWI -1.90%
Fundamentally, the cooling off of sovereign debt concerns in Europe has also played a large role in the Euro’s rebound, while a downbeat Fed, weaker empire state manufacturing, disappointing Philly Fed, and softer headline PPI have all take away from any appeal the USD might have. It appears that so long as there is little hope for interest rates to move higher in the US, and so long as data continues to show weakness, there is very little reason for market participants to want to be buying the buck, even despite very stretched technical studies. 
On the data front, Eurozone trade balance was the only key release in overnight trade, with the series coming in much softer than expected while also showing some downward revisions to the previous print. Finally, while most of the major currencies were locked in some tight consolidation overnight, the commodity currencies continued to lag and underperform with Kiwi getting hit the hardest, on the back of softer than expected CPI over-night lowering expectations for a rate hike by the RBNZ at its next meeting in two weeks. 
Looking ahead, US CPI (0.0% expected) and Canada leading indicators are due at 12:30GMT, followed by TIC flows at 13:00GMT and University of Michigan confidence (74.0 expected) at 13:55GMT.  US equity futures and commodities are all tracking moderately lower ahead of the North American open.
EUR/USD:  The market continues to surge and has officially closed above the 100-Day SMA for the first time since December of 2009, to potentially warn of a material shift in the construct. Next key levels to watch above come in by 1.3000 and the 1.3090 further up, and given the intensity of the move and close above the 100-Day, we can not rule out the possibility for additional upside towards these levels over the coming sessions. There is no decent support until 1.2700, and a break and close back below this level will be required at a minimum to take the pressure off of the topside.  
USD/JPY: Thursday’s sharp pullbacks have put a serious dent in recovery prospects and the market now looks like it could be attempting to establish below key barriers at 87.00. However, we will retain our bullish bias, unless we see a daily close below 87.00.   A break back above 88.50 will now be required to get things moving back to the upside. 
GBP/USD: Any attempts for a bearish resumption have been put on hold with the market being well supported on dips into the 1.5000 area which coincides with both the 20/100-Day SMAs. Nevertheless, we retain a bearish outlook and look for any additional rallies to be capped ahead of 1.5500 on a close basis. Key support now comes in by 1.5235, and a break and close back below this level will help to relieve topside pressures.  
USD/CHF: The market continues to ignore severely oversold technical studies and has dropped to yet another multi-week low below 1.0435. This now opens the door for additional weakness and puts any hopes of recovery on hold. Next key support comes in by 1.0130, which guards against critical psychological barriers by 1.0000. For now bulls should only get optimistic on a break back above 1.0550. 
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 
If you wish to receive Joel's reports in a more timely fashion, e-mail 
instructor@dailyfx.com and you will be added to the "distribution" list.

 If you wish to discuss this topic or any other feel free to visit our 
Forum page


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


News & Analysis at your fingertips.