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
Bearish
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
Oil - US Crude
Bearish
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
Wall Street
Bearish
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
Bearish
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
  • US corporate bond sales hit $1 trillion at fastest pace in history - BBG $HYG
  • #Crypto update: $BTC +3% $BCH +1.7% $LTC +1.3% $XRP +0% $ETH +3.6%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in US 500 are at opposite extremes with 75.54%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sMtBEk8lJm
  • The #Nasdaq 100 stands in a class of its own as the tech-heavy index looks to retake all-time highs which exist just a few hundred points from the current price. Get your $NDAQ market update from @PeterHanksFX here: https://t.co/g6aTB9uPBk https://t.co/oBsYlilVyO
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.33% Silver: 0.91% Gold: 0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tXDZZlWs6O
  • $USDZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/Wa899RMXB4
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.63% 🇪🇺EUR: 0.59% 🇳🇿NZD: 0.58% 🇨🇭CHF: 0.41% 🇯🇵JPY: 0.08% 🇨🇦CAD: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JIJzMXw1Qn
  • The Atlanta Fed GDPNow model for Q2 now at -40.4%, prior -41.9% $SPX $DXY
  • EU's Barnier says there should be more realism in the UK if they want an orderly deal to leave single market and customs union - Next round of EU-UK trade talks scheduled for June 1-5th
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.68% Wall Street: 0.60% FTSE 100: -0.09% Germany 30: -0.24% France 40: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bpxV4h2P3a
EUR/USD Technical Analysis: Euro Setup Bearish as ECB Looms

EUR/USD Technical Analysis: Euro Setup Bearish as ECB Looms

2016-03-10 07:40:00
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
  • Bearish Evening Star candlestick pattern hints Euro weakness vs. US Dollar ahead
  • Proximity of ECB rate decision, risk/reward parameters argue against short trade

The Euro put in a bearish Evening Star candlestick pattern after rising to retest a recently broken chart support level, hinting a move lower against the US Dollar is ahead. Looming event risk by way of a much-anticipated ECB policy announcement may derail positioning however.

A daily close below support at 1.0925, the 23.6% Fibonacci expansion, opens the door for a test of the 38.2% level at 1.0845. Alternatively, a push above the 38.2% Fib retracement at 1.1036 sees the next layer of resistance marked by the 50% threshold at 1.1101.

We are keen to enter short EUR/USD in line with our 2016 fundamental outlook. Prices are too close to near-term support to justify selling the pair from a risk/reward perspective however. Furthermore, establishing new exposure ahead of the ECB rate decision seems ill-conceived. We will remain flat for now.

Are you following what most FXCM traders are doing with the Euro? Find out here!

EUR/USD Technical Analysis: Euro Setup Bearish as ECB Looms

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

DISCLOSURES

News & Analysis at your fingertips.