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
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
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
  • WTI crude oil prices fell on Monday after signs showing that OPEC+ members may not reach an agreement to rein production in a Monday meeting. WTI has registered a whopping 36% gain this month through to November 25th, entering overbought territory according to the RSI indicator. https://t.co/UYde6fioQg
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lXacDkdsla
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.91%, while traders in EUR/USD are at opposite extremes with 76.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Fcv9uguJsP
  • #Gold prices challenging key support at the 50% Fib (1763.27) as the RSI registers its most extreme oversold readings since 2018. Gut-check time for #bullion bulls... #XAUUSD https://t.co/H6EU8mN1sW
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.22% 🇬🇧GBP: 0.19% 🇨🇭CHF: 0.13% 🇪🇺EUR: 0.05% 🇦🇺AUD: 0.01% 🇨🇦CAD: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eIxfGpBn51
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.54% US 500: -0.72% Germany 30: -0.79% France 40: -0.79% Wall Street: -0.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kHZ9KNcOvx
  • 🇯🇵 Housing Starts YoY (OCT) Actual: -8.3% Expected: -9.3% Previous: -9.9% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Heads Up:🇯🇵 Housing Starts YoY (OCT) due at 05:00 GMT (15min) Expected: -9.3% Previous: -9.9% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Learn why dividend stocks are favored by investors and why it might be the right choice for you here:https://t.co/VUsJFHBARb https://t.co/Brit0AFo8e
  • China National Offshore Oil Corp (CNOOC) plunged nearly 10% in Hong Kong on Monday after Trump Administration put it onto export blacklist alongside several other Chinese firms.
EUR/USD Technical Analysis: A Top in Place Below 1.08?

EUR/USD Technical Analysis: A Top in Place Below 1.08?

2017-01-27 02:20:00
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
  • Euro chart positioning hints a turn lower against the US Dollar may be brewing
  • Risk/reward considerations, fundamental uncertainty argue against short trade

The Euro put in a bearish Dark Cloud Cover candlestick pattern, hinting that the beginnings of a turn lower against the US Dollar may be starting to take shape. Negative RSI divergence hints at ebbing upside momentum and bolsters the case for a downside scenario.

From here, a daily close below rising trend line support at 1.0684 opens the door for a test of the 14.6% Fibonacci expansion at 1.0589. Alternatively, a push upward that breaches the 38.2% Fib retracement at 1.0828 paves the way for a challenge of the 50% threshold at 1.0978.

Risk/reward considerations argue against taking a short position at current levels as prices sit squarely atop near-term support. Furthermore, the threat of renewed “Trump trade” unwinding makes for a vulnerable greenback. On balance, opting for the sidelines seems prudent for now.

Will the Euro continue to rise through the first quarter of 2017? See our forecast and find out!

EUR/USD Technical Analysis: A Top in Place Below 1.08?

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

DISCLOSURES