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
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
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/6sqqRfTri2
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/0EFToM5Y8I https://t.co/5gsZQfX6aG
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/DwkK9F9FCJ
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/30/Gold-Technical-Forecast-Election-Raises-Volatility-Risk-But-Support-Holds.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5hgGEojvIE
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:https://t.co/BVoIcR9anM https://t.co/Frmn9y6yKJ
  • US #COVID19 cases hit a record for a second consecutive day -BBG
  • The Indian Rupee may weaken following a breakout higher in USD/INR. Despite rising global stock market volatility, the Nifty 50 has been holding its ground. Could it capitulate lower? Find out from @ddubrovskyFX here:https://t.co/BNJ5uTKz1A https://t.co/VkvmiwWAtz
EUR/GBP, EUR/JPY Outlook: Euro Price - Levels and Thresholds to Know

EUR/GBP, EUR/JPY Outlook: Euro Price - Levels and Thresholds to Know

2019-10-09 13:57:00
Mahmoud Alkudsi, Analyst
Share:

EUR/GBP and EUR/JPY Technical Forecast

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

EUR/JPY, EUR/GBP – Stubborn Levels

Since Sep 26, EUR/GBP sellers has been failing to overtake 0.8852, showing lack of momentum to keep leading the price lower. Consequently, buyers took the initiative and pushed the price to its highest level in nearly three weeks. This week the pair continued its rally reflecting the bullish outlook of the market.

On the other hand, since Sep 13 EUR/JPY buyers has been failing at 119.78 and this concluded with sellers taking charge and pressing the pair lower.

At the start of this week, the Relative Strength Index (RSI) crossed above 50 on EURGBP highlighting the end of the downtrend momentum. Meanwhile, the oscillator rose from 40 to 48 indicating to the weakness of the downtrend momentum.

Having trouble with your trading strategy? Need a hand? Here’s the #1 Mistake That Traders Make

EUR/GBP Daily PRice CHART (SEP 23, 2017 – OCt 9, 2019) Zoomed Out

EURJPY price daily chart 09-10-19 Zoomed out

EUR/GBP Daily Price CHART (June 19 – Oct 9, 2019) Zoomed in

EURGBP price daily chart 09-10-19 Zoomed in

Looking at the daily chart, we notice on Sep 20 EUR/GBP corrected higher creating a higher low with a higher high. Yesterday, the price rebounded nearby the high end of current trading zone 0.8890 – 0.8995. Hence, any close above this threshold could see the price rallying towards 0.9051. Although, the weekly resistance levels underlined on the chart (zoomed in) should be considered.

On the flip-side, another failure in closing above the high end of the zone could reverse the pair’s direction sending it towards the low end. Further close below 0.8880 could press EURGBP towards 0.8852.

See the chart to know more about trading zone/s with the key technical levels the price would encounter in a further bullish/bearish scenario.

Just getting started? See our Beginners’ Guide for FX traders

EUR/JPY Daily PRice CHART (April 15, 2017– OCt 9, 2019) Zoomed Out

EURJPY price daily chart 09-10-19 Zoomed out

EUR/JPY Daily PRice CHART (June 28 –Oct 9, 2019) Zoomed In

EURJPY price daily chart 09-10-19 Zoomed in

From the daily chart, we notice on Sep 3 EUR/JPY U- turned and rallied towards 120.00 handle. The price then started a sideways move and created a lower high at 118.47. Since Oct 2, sellers have been testing the low end of current trading zone 117.30 – 119.78 However, showing lack of momentum in forcing a clear close below this threshold.

Thus, a close above the low end of the zone could cause a continuation of the trendless move i.e. rally EURJPY towards the high end, contingent on clearing the daily resistance level underscored on the chart (zoomed in).

That said, a close below the low end of the zone may see EURJPY trading towards the vicinity of 114.95-80. In that scenario, the weekly support area and level marked on the chart should be watched closely.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES