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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 13:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-28
  • UK PM Johnson spokesman says a deal is still possible but significant gaps remain, adds that EU must adopt more realistic policy for a deal
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in Germany 30 are at opposite extremes with 60.54%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0hZsxwi79S
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week! https://t.co/chKtG7ezG9
  • ECB Sources - New rift opening in ECB GC over future stimulus & economic projections - Hawk wanted in Sep to quietly reduce pace of PEPP purchases and objected to projections excluding fiscal measures - Doves object to Lagarde's timid language on Euro strength
  • EU's Sefcovic says UK position far apart from what the EU can accept $GBP
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.16% 🇦🇺AUD: 0.55% 🇪🇺EUR: 0.34% 🇳🇿NZD: 0.21% 🇯🇵JPY: 0.15% 🇨🇦CAD: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/40nxAUXNSB
  • Weekly Strategy Webinar starting in 15mins! https://t.co/lxd5fZnn4H
  • RT @meremortenlund: 🇺🇸💸Here is how to trade the US election https://t.co/mOl43ebajd
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/fqXGrwfEYs
EUR/USD Technical Analysis: Euro Trend Bias Favors Weakness

EUR/USD Technical Analysis: Euro Trend Bias Favors Weakness

2017-10-18 05:30:00
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 trend bias continues to favor weakness amid consolidation
  • Improved risk/reward needed for an actionable short trade setup

The Euro remains stuck in a narrow consolidation range near the 1.18 figure against the US Dollar but overall positioning continues to favor a bearish bias. Price action has been defined by a series of lower highs and lows since the single currency broke rising trend line support in mid-September.

Near-term support is in the 1.1711-21 area (October 5 close, 38.2% Fibonacci retracement), with a daily close below that opening the door for a challenge of the 50% level at 1.1606. Alternatively, a push above the 23.6% Fib expansion at 1.1899 exposes the 1.2041-70 zone (38.2% expansion, August 29 high).

Prices are too close to immediate support to justify entering short from a risk/reward perspective. Meanwhile, the broad case against taking up the long side is reinforced by the absence of an actionable bullish reversal signal. With that in mind, opting to remain flat seems to be most prudent.

See our Q4 forecast to learn what will drive trends for the Euro and the US Dollar through year-end!

EUR/USD Technical Analysis: Euro Trend Bias Favors Weakness

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

DISCLOSURES