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
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
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
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 0.54% Wall Street: 0.53% Germany 30: -0.08% France 40: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GowprGMEai
  • RT @dlacalle_IA: Fed Will Not Disclose Which Banks Are Receiving Repo Cash For At Least Two Years @zerohedge https://t.co/ANyYvJwICl
  • Update on #Cryptocurrencies #BITCOIN -2.06% #BITCOINCASH -4.42% #ETHEREUM -2.92% #RIPPLE -2.66% #LITECOIN -3.00%
  • Having rejected trendline resistance and falling short of testing the 200DMA, $AUDUSD saw notable pullback. Get your AUD/USD market update from @JMcQueenFX here: https://t.co/l9xP2KfuBh https://t.co/wWNtPNCHx0
  • RT @vtg2: The Federal Reserve's latest effort to calm the financial system — pumping $100B a day into trillion-dollar funding markets — is…
  • Overnight Swaps are pricing a 3.8% probability for a rate cut at next month's FOMC meeting, down from 57.9% on October 3rd $DXY $TNX https://t.co/41MnIb34Lu
  • It seems as though the potential auto tariffs on the #EU are a no-go at this time... I'd still like to see a firmer confirmation but this will have to do for now $DAX $CARZ https://t.co/7hnHtwhKOB
  • 🇺🇸 USD Baker Hughes U.S. Rig Count (NOV 15), Actual: 806 Expected: N/A Previous: 817 https://www.dailyfx.com/economic-calendar#2019-11-15
  • Heads Up:🇺🇸 USD Baker Hughes U.S. Rig Count (NOV 15) due at 18:00 GMT (15min), Actual: N/A Expected: N/A Previous: 817 https://www.dailyfx.com/economic-calendar#2019-11-15
  • The US Citi Economic Surprise Index drops below zero as economic data comes in under expectations this week $DXY $SPX https://t.co/zA9zAELlN2
EUR/USD Technical Analysis: Euro Soars to 12-Month High

EUR/USD Technical Analysis: Euro Soars to 12-Month High

2017-06-28 09:05:00
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 breaks out of monthly range, surges to one-year high
  • Resolution at resistance sought to offer trading opportunity

The Euro has shot sharply higher after a month of consolidation in a choppy range, rising to the highest level in a year against the US Dollar. Appropriately enough, the single currency’s surge marked its best single-day performance in just about the same amount of time, with the last similar rise seen in early June 2016.

Near-term resistance is now at 1.1394, the 38.2% Fibonacci expansion, with a break above that confirmed on a daily closing basis opening the door for a test of the 50% level at 1.1480. Alternatively, a turn back below the 23.6% Fib at 1.1288 sees the next downside barrier at 1.1223, the 14.6% expansion.

Prices are too close to immediate resistance to justify entering long from a risk/reward perspective. At the same time, the absence of a clear-cut bearish reversal signal hints that it is premature to try to fade the move higher. On balance, opting for the sidelines seems most prudent for now.

Need help with your EUR/USD trading strategy? Check out our trading guides!

EUR/USD Technical Analysis: Euro Soars to 12-Month High

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

DISCLOSURES

News & Analysis at your fingertips.