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.

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
More View more
Real Time News
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
EUR/USD Technical Analysis: Double Top in Place Below 1.26

EUR/USD Technical Analysis: Double Top in Place Below 1.26

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Strategy: PENDING SHORT AT 1.2277

  • Euro drops through neckline support, hinting double top is set below 1.26
  • Selloff followed soft German CPI, hawkish comments from Fed’s Powell
  • Looking to sell on a corrective bounce for better risk/reward parameters

The Euro looks set to suffer deeper losses against the US Dollar after prices established a double top below the 1.26 figure, capping a four-month uptrend. The single currency punctured neckline support after following disappointing German inflation data and hawkish comments from Fed Chair Jerome Powell.

From here, a daily close below the 38.2% Fibonacci retracement at 1.2173 opens the door for a test of the 1.2055-70 area (August 29 high, 50% level). Alternatively, move back above neckline support-turned-resistance, now at 1.2277, opens the door a retest of former trend line support at 1.2385.

Prices are a touch too close to support to make for an attractive short trade setup from a risk/reward perspective. With that in mind, an order has been set to sell EUR/USD at 1.2277. If triggered, the position will initially target 1.2173 and carry a stop-loss activated on a daily close above 1.2329.

Find out here what the #1 mistake that traders make is and how you can fix it!

EUR/USD Technical Analysis: Double Top in Place Below 1.26

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

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

DISCLOSURES