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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
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
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.03% Gold: -0.12% Oil - US Crude: -0.86% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/VEefc8HQ7a
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.02% 🇪🇺EUR: -0.02% 🇦🇺AUD: -0.03% 🇯🇵JPY: -0.09% 🇳🇿NZD: -0.11% 🇨🇭CHF: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rlRifz8HJ4
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.19% US 500: -0.39% Germany 30: -1.12% France 40: -1.14% FTSE 100: -1.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Buso4CQNX2
  • RT @KyleR_IG: #Nikkei extends its tumble to find support around its 50-day MA. Still not buying this inflation narrative -- nominals aren't…
  • #Gold seemed to weaken after the Fed's consumer CPI survey crossed the wires But #XAUUSD is also perceived as an anti-inflation hedge Learn more about why the yellow metal might have did what it did and what to expect ahead in my briefing here - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/05/11/Gold-Price-Outlook-Turns-to-Fed-Speak-After-Consumer-Inflation-Expectations-Jitter.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Cvg3rdlb69
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/QZ5d9anwxn
  • 🇳🇱 Inflation Rate YoY (APR) Actual: 1.9% Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.89%, while traders in Wall Street are at opposite extremes with 77.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sV6ncqn10p
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/xkNb1VIrEN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.08% 🇨🇭CHF: 0.06% 🇦🇺AUD: 0.03% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hxMR9a5jxI
EUR/USD Technical Analysis: Support Now Below 1.05 Mark

EUR/USD Technical Analysis: Support Now Below 1.05 Mark

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Support: 1.0408, 1.0060, 0.9713
  • Resistance:1.0623, 1.0796, 1.0970

The Euro looks poised to descend below the 1.05 figure against the US Dollar having cleared yet another downside chart threshold. Near-term support is at 1.0408, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 1.0060. Alternatively, a turn above the 61.8% Fib at 1.0623 opens the door for a challenge of the 50% expansion at 1.0796.

While entering short in line with our long-term outlook seems compelling from a purely technical perspective, we will tactically opt pass for now. We already hold significant short-EUR exposure via EURJPY and EURGBP and as well as long-USD positions via AUDUSD and GBPUSD. With that in mind, we will stand aside to avoid over-committing to overlapping themes and wait for another opportunity down the road.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Support Now Below 1.05 Mark

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES