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
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
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • LIVE NOW: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead https://www.dailyfx.com/webinars/175202251
  • LIVE IN 30 MIN: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead https://www.dailyfx.com/webinars/175202251
  • The possibility of a Covid-19 cure by year end keeps market sentiment high despite ongoing political tensions. Get your $USDMXN market update from @HathornSabin here: https://t.co/6DIf6krA3E https://t.co/IxeRbjHpQm
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/qqWZkK1G8B
  • The commodity currencies, AUD, CAD, and NZD, which typically benefit from their higher yield profile relative to other currencies (the carry trade), no longer hold this advantage. Get your #currencies market update from @CVecchioFX here: https://t.co/3oWXhp0hCX https://t.co/qOgXnf0JKK
  • The long-term outlook for the Euro has been boosted significantly by a Franco-German proposal for a €500 billion coronavirus Recovery Fund, even though an agreement is not yet close. Get your $EURUSD market update from @MartinSEssex here: https://t.co/onP43pXuDi https://t.co/nynDJ9P6br
  • On Friday, EUR/GBP surged to an over six-week high at 0.8940 then closed the weekly candlestick in the green with a 2.3% gain. Get your $EURGBP market update from @malkudsi here: https://t.co/ln09Ijn7rd https://t.co/OCe7fzGGC0
  • The Canadian Dollar has proven stable in recent weeks following a dramatic turn lower in March, guided to the downside by energy markets. Get your $USDCAD market update from @CVecchioFX here: https://t.co/7tlrn74X3t https://t.co/OGqZzWaxU4
  • As political tensions between the US and China increase, $gld is picking up a safe-haven bid ahead of the long weekend and may look to press higher. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/boUn4vyfCO https://t.co/sVtnBALhw7
  • Both WTI and Brent crude futures have conformed to the negative risk tone, however, investors will be eying the latest Baker Huges rig count for another drop in #oil rigs. Get your market update on currencies, commodities & stocks from @JMcQueenFX here: https://t.co/G6CEBzNXVA https://t.co/gosmDwkKSX
EUR/USD Technical Analysis: Waiting to Re-Enter Short Trade

EUR/USD Technical Analysis: Waiting to Re-Enter Short Trade

2015-09-16 04:51:00
Ilya Spivak, Head Strategist, APAC
Share:

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Candle Pattern Hints Euro Down Move vs. US Dollar May Be Resuming
  • Passing on Short Position Until Favorable Risk/Reward Setup Emerges

The Euro put in a bearish Evening Star candlestick pattern, hinting a turn lower against the US Dollar may be ahead. A move downward from here would mark resumption of the decline from late-August highs above the 1.17 figure, making good on a break of near-term trend line support two weeks ago.

Near-term support is at 1.1225, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis opening the door for a challenge of the 38.2% level at 1.1134. Alternatively, a rebound above the 14.6% Fib at 1.1282 clears the way for a test of the September 14 high at 1.1373.

Our short position from 1.1224 was stopped out last week. We are keen to re-enter the position but an actionable trade setup is absent at this stage. Most critically, prices are too close to support to justify triggering a trade from a risk/reward perspective. With that in mind, we will remain on the sidelines and wait for a more attractive opportunity to present itself.

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

EUR/USD Technical Analysis: Waiting to Re-Enter Short Trade

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

DISCLOSURES

News & Analysis at your fingertips.