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
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇰🇷 GDP Growth Rate YoY Adv (Q4) due at 23:00 GMT (15min) Expected: -1.7% Previous: -1.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Heads Up:🇰🇷 GDP Growth Rate QoQ Adv (Q4) due at 23:00 GMT (15min) Expected: 0.7% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2021-01-25
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.24% 🇯🇵JPY: -0.00% 🇦🇺AUD: -0.01% 🇨🇦CAD: -0.08% 🇪🇺EUR: -0.24% 🇨🇭CHF: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zZc4N3ipvy
  • The volatility this past session was remarkable. The $SPX ended with a very impressive lower wick: https://t.co/R1aSBfC6Pr
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.06% Gold: -0.01% Silver: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HCnNSi7pYu
  • 🇳🇿 Services NZ PSI (DEC) Actual: 49.2 Previous: 46.7 https://www.dailyfx.com/economic-calendar#2021-01-25
  • What are some technical and fundamental factors affecting the equities market? Get your free forecast here: https://t.co/YQG1aaIT8C #DailyFXGuides https://t.co/eqDVeM1JYV
  • EUR/USD struggles to preserve the advance following the European Central Bank’s (ECB) first meeting for 2021 as the US Dollar appreciates on the back of waning investor confidence. Get your $EURUSD market update @DavidJSong here:https://t.co/rSE4kvRhRS https://t.co/Pnbn9wwyM3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cXvFaoFG2i
  • Heads Up:🇳🇿 Services NZ PSI (DEC) due at 21:30 GMT (15min) Previous: 46.7 https://www.dailyfx.com/economic-calendar#2021-01-25
EUR/USD Technical Analysis: Holding Short Through Upswing

EUR/USD Technical Analysis: Holding Short Through Upswing

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.1037
  • Euro finds interim support, posts largest daily advance in a month vs. US Dollar
  • Holding short position, expecting down trend to resume after corrective bounce

The Euro mounted a sharp recovery against the US Dollar, producing the largest daily advance in close to a month. The near-term down trend established in early February remains intact however, painting gains as corrective (at least for the time being).

A daily close above 1.0956 – the intersection of trend line support-turned-resistance and the 23.6% Fibonacci retracement – opens the door for a test of the 38.2% level at 1.1036. Alternatively, a reversal below the 38.2% Fib expansion at 1.0908 paves the way for a challenge of the 50% threshold at 1.0859.

We sold EUR/USD at 1.1037 and subsequently booked profit on half of the position after the trade hit its first objective. We will continue holding short here, looking for the dominant down trend to resume. The stop-loss has been adjusted to the breakeven level.

Has the Euro matched DailyFX expectations so far in 2016? See our Q1 forecast to find out!

EUR/USD Technical Analysis: Holding Short Through Upswing

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

DISCLOSURES