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
Bearish
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
GBP/USD
Bullish
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
Gold
Bearish
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • #EUR: There was a ‘nexus’ of confluence at this zone as a bearish trendline that held the highs in the pair from July into last week intersected with the support side of a bear flag formation.Get your $EUR technical analysis from @JStanleyFX here: https://t.co/DO5rw4aBtA https://t.co/lsWxg43lRC
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.64% Gold: 0.27% Silver: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YT16FlZATs
  • 🇺🇸 (USD) Business Inventories (AUG), Actual: 0.0% Expected: 0.2% Previous: 0.3% https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • 🇺🇸 (USD) NAHB Housing Market Index (OCT), Actual: 71 Expected: 68 Previous: 68 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • After last week's hiatus, I'll be going live in 50 minutes for my weekly equity webinar. Among other things, we'll discuss #earningsseason and levels to watch for $NFLX ahead of its report later today Join here - https://www.dailyfx.com/webinars/782324475
  • RT @ecb: Speech Philip R. Lane: The economic outlook for the euro area https://t.co/Aa0wKT97OR (slides from the presentation)
  • RT @LiveSquawk: ECB’s Lane: Euro Area Faces More Extended Slowdown https://t.co/0TumxJQWQO
  • Tune in to @PeterHanksFX 's #webinar at 11:00 AM ET/3:00 PM GMT as he discusses levels to watch ahead of the Fed on #DJI & #DAX30. Register here: https://t.co/Rwbt9avERj https://t.co/9tZUtXkyNV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.99%, while traders in France 40 are at opposite extremes with 81.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vdqp3cMcsc
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.42% Gold: 0.30% Silver: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gSMOwxfTUc
EURUSD Price Outlook Could Go from Quiet to Explosive

EURUSD Price Outlook Could Go from Quiet to Explosive

2019-06-03 10:29:00
Paul Robinson, Currency Strategist
Share:

EURUSD Technical Highlights:

  • Euro’s quiet price action on verge of changing
  • Descending wedge nearing completion

To see what fundamental drivers and technical signposts DailyFX analysts are watching, check out the Q2 forecasts for various markets on the DailyFX Trading Guides page.

Euro’s quiet price action on verge of changing

The Euro has been a difficult pair to get a handle on much of the time in the past few months, with only intermittent periods of clarity to guide traders. A clear price pattern looks to be nearing completion as quiet price action becomes increasingly quiet, forging out a descending wedge pattern.

Trend (down) and the features of descending wedges (lower-highs and a flat bottom) suggest a downside breakout is the most probable outcome, however; a bullish breakout still can’t be ruled out. With that in mind, traders will likely be best served by waiting for a confirmed break before taking a stance.

The size of the wedge suggests a 150-200 point move from the point of breaking out. This could mean a break beneath underside trend-lines dating back to November 2017 (the 2015 line resides above the breakout point).

A break below all downward sloping support lines arrives around 11000, which if breached could finally lead to a move to one of the big-picture targets – the April 2017 French election gap-fill of 10724. A break to the top-side will quickly have trend-lines from last year in play, and if broken may see the 11324 April swing-high up to the 200-day achieved.

In either event, don’t look for the Euro to continue to quiet down for much longer. Something has to give here and while it may again only lead to a multi-day push in either direction, it could offer traders another trade-able swing worth taking risk on.

Q2 Euro Forecast

EURUSD Daily Chart (Descending wedge nearing completion)

EURUSD Price Outlook Could Go from Quiet to Explosive

Forex & CFD Trader Resources

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

News & Analysis at your fingertips.