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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
  • There is a ridiculous number of scheduled Fed speeches on the docket next week. Powell specifically will be speaking multiple times including at an ECB hosted forum on central banking (which also has a panel with Fed, ECB, BOE and BOJ heads)
  • USD Ascending Triangle, Bullish for Q4 - #DXY chart on @TradingView
  • Credit rating agency Standard & Poor's is due to give its sovereign credit rating update on Germany today ahead of weekend national elections
  • RT @BIS_org: Since the early 1990s, changes in the #MonetaryPolicy stance have affected a rather narrow set of prices – mostly in the servi…
  • Huawei's CFO Meng Wanzhou reached deal with the US Dept of Justice to return her to China - Dow Jones
  • Cleveland Fed President Loretta Mester says: - sees US GDP in 2022 between 3.75 and 4% - Supports tapering in November and concluding over the first half of 2022 - After liftoff, accommodative policy needed for some time
  • Fed Chairman Jerome Powell doesn't comment on the growth forecast or monetary policy in his introductory remarks
  • Kansas City Fed President Esther George says: - The labor market friction is fading barring a resurgence of virus - A 'normal' economy is likely to remain elusive for some time - Asset buying effects complicate the judging rate change plan
EUR/USD Technical Analysis: Upswing May Yield Short Trade Setup

EUR/USD Technical Analysis: Upswing May Yield Short Trade Setup

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Pending short at 1.0482
  • Euro sinks to 14-year low vs. US Dollar after FOMC rate decision
  • Upswing may offer improved risk/reward to activate short position

The Euro accelerated downward against the US Dollar as expected, dropping to the lowest level in almost 14 years in the aftermath of the FOMC interest rate decision. The move breached critical support in the 1.0449-1.0520 that capped losses since March 2015.

From here, a daily close below the 61.8% Fibonacci expansion at 1.0349 opens the door for a challenge of the 76.4% level at 1.0225. Alternatively, a reversal back above the 1.0449-62 area (50% level, March 13 2015 low) exposes the 1.0520-49 zone (April 13 2015 low, 38.2% Fib).

Risk/reward parameters are skewed against taking a trade at current levels. With that in mind, an entry order to enter short will be set up at 1.0482. If triggered, the trade will initially target 1.0349 and carry a stop-loss to be activated on a daily close above 1.0549.

See the schedule of upcoming webinars and join us LIVE to follow the financial markets!

EUR/USD Technical Analysis: Upswing May Yield Short Trade Setup

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