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
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
Gold
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
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
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.14%, while traders in US 500 are at opposite extremes with 75.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/u5QzsWqRme
  • Downing Street sources have confirmed that they do not expect further contact with the DUP today $GBP
  • #DidYouKnow a shooting star formation is a bearish reversal pattern that consists of just one candle. How to trade shooting star candle stick? Find out: https://t.co/lY2wsk0ROg https://t.co/FA8tfBPnH3
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Gold: -0.23% Silver: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1eWrlHqbBH
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.35% 🇦🇺AUD: 0.17% 🇬🇧GBP: 0.07% 🇯🇵JPY: 0.02% 🇨🇦CAD: -0.01% 🇨🇭CHF: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fQkH7L1Ft7
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.03% Wall Street: 0.01% Germany 30: -0.14% France 40: -0.73% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3thegqARME
  • USD to Canadian Dollar Price: USD/CAD Eyes More Losses – Levels and Signals More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2019/10/18/USD-to-Canadian-Dollar-Price-USDCAD-Eyes-More-Losses-Levels-and-Signals-MK.html?CHID=9&QPID=917714 https://t.co/hjtIjfvocg
  • Labour Lawmaker John Mann says will vote for PM Johnson's deal, says expects more than 9 Labour MPs to support the deal $GBP
  • The $NZD may be carving out a near-term bottom against its US counterpart but scope for gains seems limited within a broader downtrend. Get your market update from @IlyaSpivak here:https://t.co/7bsVuSyWMn https://t.co/CAEfBgVHUc
  • "Ayes to the right, noes to the left" Will Boris Johnson manage to get his deal through parliament? https://t.co/CIHCM7VAEw
EUR/USD Technical Analysis: Euro Sinks to New 2016 Low

EUR/USD Technical Analysis: Euro Sinks to New 2016 Low

2016-11-15 10:13:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro drops below 1.08 figure, sets new 2016 low vs. US Dollar
  • Waiting for attractive trade opportunity to enter short position

The Euro breached October’s swing low to sink past the 1.08 figure and hit the lowest level yet in 2016 against the US Dollar. Early signs of positive RSI divergence hint that downside momentum may be ebbing however, opening the door for a corrective recovery on the horizon.

From here, a daily close below the 76.4% Fibonacci expansion at 1.0715 opens the door for a test of the 1.0517-34 area (December 2015 low, 100% level). Alternatively, a turn back above the 1.0826-51 zone (October 25 low, 61.8% Fib) clear the way for a challenge of the 50% expansion at 1.0917.

An actionable trade seems absent for the time being. A corrective upswing may open the door for a selling opportunity but a clearly-defined setup to enter short is absent for now. Opting for the sidelines seems most prudent in the interim.

What are the fundamental trends driving the Euro in the fourth quarter? Find out here!

EUR/USD Technical Analysis: Euro Sinks to New 2016 Low

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

DISCLOSURES

News & Analysis at your fingertips.