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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • BoE's Vlieghe says the risk that negative rates end up being counterproductive to the aims of monetary policy is low, adds that the MPC must consider ways to increase policy headroom $GBP
  • BoE's Vlieghe says the MPC is not yet at a point where is can reach conclusion on negative rates, adds that QE is probably less potent now compared to March
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/KgvlfpAhkj
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out:https://t.co/y3cckNW22W https://t.co/oEvLjjWpGb
  • Heads Up:🇬🇧 BoE Vlieghe Speech due at 09:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/KCHeNfayki
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/q8nG7unK17
  • Just posted: a fascinating chat with my @DailyFX colleague @HathornSabin on #gold, $USD, $MXN and more https://t.co/vKdwKJZuEF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.83%, while traders in EUR/USD are at opposite extremes with 67.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sf61r9rewm
  • Gold Prices May Fall Further as US Fiscal Stimulus Hopes Fizzle - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/10/20/Gold-Prices-May-Fall-Further-as-US-Fiscal-Stimulus-Hopes-Fizzle.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #FiscalPolicy #stimulus https://t.co/fS6r9kPXPY
Short Term EUR/USD Pattern Hints at Bounce to 1.17

Short Term EUR/USD Pattern Hints at Bounce to 1.17

2017-11-07 22:02:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

EUR/USD has slowly been working itself lower. The technical pattern has become unclear so we look for clues that may tip us off to the next move.

On an intraday basis, we can identify an impulse wave lower. Impulse waves can make up larger impulse waves or they can be embedded in the sub-structure of a corrective wave. Regardless of the larger pattern EUR/USD is building, we can count the five wave impulse as completed. The Relative Strength Index divergence on the 4 hour chart is consistent with a fifth wave. Therefore, the higher probability move is a bounce back to 1.17.

Struggling to trade EUR/USD? This could be why.

EUR/USD Elliott Wave 4 Hour Chart

Short Term EUR/USD Pattern Hints at Bounce to 1.17

At 1.17, the Elliott Wave models diverge with some showing the move as being the start to a new trend higher that retests 1.20. Other Elliott Wave models suggest the move to 1.17 is just a partial retracement of the previous down trend.

We will keep an eye on the structure of the advance, if it occurs, to see if it forms in five waves (bullish) or three waves (bearish).

The sentiment picture continues to support bullish patterns. The current sentiment reading is -1.8 with the net short traders growing. This mixes as a bullish sentiment signal. View the live sentiment reading to keep on top of any changes that may occur.

Bottom line, the higher probability EUR/USD move is a bounce higher towards 1.17. Depending on the structure higher will then begin to eliminate the continued bullish pattern or if the bearish resolution prevails.

Are you new to trading the FX market? This guide was created just for you.

This is a shorter term forecast for EUR and USD. For a longer term quarterly view, grab these quarterly forecasts.

---Written by Jeremy Wagner, CEWA-M

For further study on Elliott Wave impulse patterns, watch this webinar recording.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Other Elliott Wave forecasts by Jeremy:

Gold price forecast points towards lower levels.

NZDUSD Elliott Wave Analysis: Temporary Relief Rallies

USD/JPY stalls but holds above support.

Price action analysis for AUDUSD, NZDUSD, EURUSD [Webinar recording]

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

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

DISCLOSURES