Skip to content
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
EUR/USD Technical Analysis: Euro Soars to Two-Month High

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

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro jumps to two-month high as SPD/CSU/CDU coalition rumors circulate
  • Actionable setup with improved risk/reward parameters needed to enter trade

The Euro vaulted to the highest level in two months against the US Dollar, with prices re-establishing a foothold above the 1.19 figure. The single currency surged amid speculation that Germany’s main opposition SPD party is mulling another coalition government with Chancellor Merkel’s CSU/CDU bloc.

Near-term resistance is now at 1.1967, the 23.6% Fibonacci expansion, with a daily close above that opening the door for a challenge of the September 8 high at 1.2092. Alternatively, a move back below resistance-turned-support at 1.1857 exposes the 1.1662-79 area (August 17 low, 23.6% Fib retracement) anew.

An actionable trade setup seems to be absent for the time being. Prices are too close to resistance to justify entering long from a risk/reward perspective while the absence of a clear-cut bearish reversal signal argues against taking up the short side. Opting for the sidelines is probably best until a better opportunity emerges.

Have a question about trading EUR/USD? Join a Q&A webinar to ask it live!

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

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