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Euro Technical Forecast: Will EUR/AUD, EUR/CHF, EUR/CAD Rise Next?

Euro Technical Forecast: Will EUR/AUD, EUR/CHF, EUR/CAD Rise Next?

Daniel Dubrovsky, Strategist

Euro, EUR/AUD, EUR/CHF, EUR/CAD – Talking Points

  • Euro may push higher against major counterparts
  • EUR/AUD is eyeing a bullish candlestick pattern
  • EUR/CHF faces new range, EUR/CAD may climb

Euro Technical Analysis

The Euro may be preparing to accelerate gains against its major counterparts. On the daily chart is my majors-based Euro index, and it has confirmed an upside breakout through a zone of resistance that has held since late May. Rising support from late February is also guiding EUR higher despite aggressive losses back in March and April. The 61.8% Fibonacci retracement is now in focus at 1.5657.

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Majors-Based Euro Index – Daily Chart

Euro Technical Forecast: Will EUR/AUD, EUR/CHF, EUR/CAD Rise Next?

Chart Created in TradingView

*Majors-Based EUR Index Averages Euro Versus USD, JPY, GBP and AUD

EUR/AUD Technical Outlook

The Euro may attempt to push higher against the Australian Dollar after EUR/AUD formed a Morning Star candlestick pattern. This is a bullish formation, but prices will also have to overcome the 50-day Simple Moving Average (SMA). A daily close above 1.6401 could pave the way to test 1.6590, an inflection level established in January. A turn lower would place the focus on key support, a range from 1.6034 to 1.6117.

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EUR/AUD - Daily Chart

Euro Technical Forecast: Will EUR/AUD, EUR/CHF, EUR/CAD Rise Next?

Chart Created in TradingView

EUR/CHF Technical Outlook

EUR/CHF is struggling to find more gains after breaking a Falling Wedge chart formation, which typically carries bullish implications. Resistance seems to have formed between 1.0778 and 1.0797, with key support at 1.0717. Still, the dominant downtrend may remain intact by key falling resistance from 2018. “Potential support” may reinstate the focus to the upside if prices fall there next – blue-dashed line on the chart below.

EUR/CHF MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -4% -7% -6%
Weekly 12% 12% 12%
What does it mean for price action?
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EUR/CHF - Daily Chart

Euro Technical Forecast: Will EUR/AUD, EUR/CHF, EUR/CAD Rise Next?

Chart Created in TradingView

EUR/CAD Technical Outlook

After much persistent consolidation, EUR/CAD is making meaningful upside progress, but it may not necessarily be in the clear yet. Negative RSI divergence warns that upside momentum is fading. At times, this can precede a turn lower. Near-term rising support from late May – red line below – could keep losses at bay. Otherwise, the Euro may rise against the Canadian Dollar towards the 38.2% Fibonacci extension at 1.5714.

EUR/CAD - Daily Chart

Euro Technical Forecast: Will EUR/AUD, EUR/CHF, EUR/CAD Rise Next?

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

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