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
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
Oil - US Crude
More View more
Real Time News
  • BoC's Lane: - Global risks and market pricing has disconnect - CAD in pretty narrow range lately $USDCAD $CAD
  • BoC's Lane says the governing council did not mull the merits of an insurance cut ahead of the December 4th announcement $CAD
  • The strength of Sterling suggests that a Conservative victory in the December 12 UK General Election is now priced in to $GBPUSD and the GBP crosses.Get your market update from @MartinSEssex here:https://t.co/fV8ZXq6H4i https://t.co/mbAuzq0aHg
  • OPEC+ JMMC is said to recommend 500kbpd reduction in output quota
  • Saudi Oil Official tells Amena Bakr that no deeper cut is being advocated by Saudi Arabia
  • RT @Amena__Bakr: “No deeper cut being advocated by the kingdom,” a saudi oil official tells @energyintel #OOTT #opec
  • Canadian Dollar Surges post-BoC, USD/CAD Breaks Down: CAD Outlook https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/12/05/canadian-dollar-surges-post-boc-usdcad-breaks-down-us-dollar-to-canadian-dollar-price-outlook-js56.html $USDCAD https://t.co/L8h3r6WHzE
  • OPEC+ Ministerial panel discusses deepening oil cuts by 500kbpd, according to two sources - RTRS #OOTT
  • Aside from key inflation indicators remaining on target, it seems like the risk of stoking financial vulnerabilities is another big factor the Bank of Canada has refused to capitulate and join other dovish central banks around the world slashing policy interest rates $CAD #BOC https://t.co/i3MGdZIIy8
  • BoC Deputy Governor Lane - There is no reason for the BoC to move in step with the Fed when it comes to rate moves
EUR/USD Technical Analysis: Short Position Back in Play

EUR/USD Technical Analysis: Short Position Back in Play

2016-02-23 01:43:00
Ilya Spivak, Sr. Currency Strategist

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

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1037
  • Euro drops most in nearly a month, clears a path below 1.10 vs. US Dollar
  • Short position triggered, looking for resumption of the long-term down trend

The Euro succumbed to renewed selling pressure after a brief pause having recoiled from trend line support-turned-resistance set from mid-March. Prices issued the largest drop in nearly a month against the US Dollar and now look poised to test below the 1.10 figure.

A daily close below the 38.2% Fibonacci expansion at 1.0919 opens the door for a test of the 50% level at 1.0777. Alternatively, a turn back above the 23.6% Fib at 1.1094 paves the way for a challenge of the 14.6% expansion at 1.1201.

Technical and risk/reward parameters look acceptable to attempt a short trade in line with our 2016 fundamental view. We will initially target 1.0919 and set a stop-loss triggered on a daily close above 1.1094. We will book profit on half of the trade and move the stop to breakeven once the first objective is reached.

Losing money trading the Euro? This might be why.

EUR/USD Technical Analysis: Short Position Back in Play

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


News & Analysis at your fingertips.