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
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • 🇺🇸 MBA Mortgage Applications (07/MAY) Actual: 2.1% Previous: -0.9% https://www.dailyfx.com/economic-calendar#2021-05-12
  • 🇲🇽 Industrial Production YoY (MAR) Actual: 1.7% Expected: 0.9% Previous: -4.5% https://www.dailyfx.com/economic-calendar#2021-05-12
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.70%, while traders in AUD/JPY are at opposite extremes with 65.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/doRLGOixPH
  • Heads Up:🇺🇸 MBA Mortgage Applications (07/MAY) due at 11:00 GMT (15min) Previous: -0.9% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Heads Up:🇲🇽 Industrial Production YoY (MAR) due at 11:00 GMT (15min) Expected: 0.9% Previous: -4.5% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.92% Gold: -0.15% Silver: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/q7LR87UPBB
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇨🇭CHF: -0.02% 🇬🇧GBP: -0.06% 🇯🇵JPY: -0.13% 🇦🇺AUD: -0.44% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/heBjQ1A2sq
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/09W6I2IeBY
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.78% Germany 30: 0.34% France 40: 0.24% Wall Street: -0.30% US 500: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/d3q1w80zAg
  • French officials looking to stall a regulatory cooperation agreement on finance as part of broader effort to bring pressure to bear on uk - bloomberg
EUR/USD Technical Analysis: Resistance Now Above 1.11

EUR/USD Technical Analysis: Resistance Now Above 1.11

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro Breaks Above 1.10 Figure vs. US Dollar, Extends to Highest in a Month
  • Rebound to be Treated as Opportunity to Enter Short Once Correction Fizzles

The Euro continues to push upward having rebounded against the US Dollar as expected, hitting the highest level in a month and establishing a foothold above the 1.10 figure. The single currency launched upward following last week’s underwhelming ECB monetary policy announcement.

Near-term resistance is at 1.1117, the 50% Fibonacci retracement. A break above that on a daily closing basis opens the door for a challenge of 1.1257, the intersection of the 61.8% level and a falling trend line set from late August. Alternatively, a move back below resistance-turned-support at 1.0976, the 38.2% Fib, paves the way for a move to the 1.0802-18 area marked by the May 27 low and the 23.6% retracement.

The medium- and long-term EUR/USD trends continue to favor the downside. That paints the current upswing as corrective, suggesting it represents an on-coming selling opportunity rather than something to be chasing upward. With that in mind, we will remain on the sidelines and wait for an actionable short trade setup to emerge.

Losing Money Trading Forex? This Might Be Why.

EUR/USD Technical Analysis: Resistance Now Above 1.11

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

DISCLOSURES