Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro locked in wide range below 6-month high vs. US Dollar
  • Setup inconclusive despite fading relative strength readings

The Euro has stalled after rising to the highest level in six months against the US Dollar, will prices oscillating in a wide range below the 1.13 figure. Fading relative strength studies point to ebbing upside momentum, but that is no sure sign of on-coming reversal and may only reflect consolidation.

Range top resistance is marked by the 23.6% Fibonacci expansion at 1.1272, with a break above that on a daily closing basis opening the door for a test of the 38.2% level at 1.1374. Alternatively, a reversal back below the 14.6% expansion at 1.1209 exposes the 23.6% Fib retracement at 1.1104.

Current positioning does not seem to offer an attractive trading opportunity. Prices are too close to resistance to make a long bet attractive from a risk/reward perspective. On the other hand, the absence of a clear-cut bearish reversal signal warns that taking the short side is premature. Staying flat seems best for now.

Retail traders expect the Euro to fall. Find out here what this hints about the coming price trend!

EUR/USD Technical Analysis: Looking for Direction Below 1.13