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
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
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Bullish
More View more
Real Time News
  • AUD/USD, NZD/USD Price Forecast: Bullish Signals and Critical Levels More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/aud-usd/2019/10/22/AUDUSD-NZDUSD-Price-Forecast-Bullish-Signals-and-Critical-Levels-MK.html?CHID=9&QPID=917714 https://t.co/gyZPcuj678
  • OPEC reportedly considering deeper oil cuts at December meeting due to weak demand growth outlook in 2020 #OOTT
  • OPEC sources states that OPEC and allies will consider deeper oil cuts at December meeting due to weak demand growth outlook in 2020 #OOTT
  • Brazil Senate Committee approves pension reform bill text and is paving way for second and final plenary vote later today $BRL
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇳🇿NZD: 0.07% 🇦🇺AUD: -0.05% 🇪🇺EUR: -0.15% 🇨🇭CHF: -0.24% 🇬🇧GBP: -0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/J5PRlbdSbM
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.21% Wall Street: 0.08% Germany 30: -0.01% France 40: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/w4fLEH6XGb
  • BOC Overall Business Outlook Survey: - Plans for hiring are positive - Trade tensions are hurting export sales forecast $CAD
  • BOC Overall Business Outlook Survey: - Most firms forecast inflation between 1-2% - Capital spending plans are robust $CAD
  • $CAD | Bank of Canada Business Outlook Survey: -slight improvement in sentiment -capital spending plans, investment and hiring 'healthy' -majority of firms see inflation between 1-2% -capacity pressures 'somewhat elevated' -sales expectations positive in most regions
  • BOC Overall Business Outlook Survey: Actual: 0.4 Previous (R): -0.1 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
EUR/USD Technical Analysis: Looking to Sell into Euro Upswing

EUR/USD Technical Analysis: Looking to Sell into Euro Upswing

2018-08-20 00:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

EUR/USD Technical Strategy: NET SHORT AT 1.2276

  • Euro recovery may bring retest of 1.15 figure vs US Dollar
  • Upswing seen as corrective within the long term downtrend
  • Signs of bullish exhaustion sought to add to short position

See our free guide to get help building confidence in your EUR/USD trading strategy!

The Euro may recover further against the US Dollar having found support at the 1.13 figure before the dominant long-term down trend is resumed. The appearance of positive RSI divergence preceded a bounce as expected and a completed Head and Shoulders pattern on the four-hour chart suggests a retest above the 1.15 threshold is in the cards ahead.

EUR/USD Technical Analysis: Looking to Sell into Euro Upswing

Turning to the daily chart, the broader bearish bias seems readily apparent, with price action since mid-April defined by a series of lower highs and lows. A daily close above the 38.2% Fibonacci expansion at 1.1452 opens the door for a retest of support-turned-resistance in the 1.1527-77 area. Alternatively, a push below the 50% level at 1.1329 paves the way for a challenge of the 61.8% Fib at 1.1206.

EUR/USD Technical Analysis: Looking to Sell into Euro Upswing

The EUR/USD short trade triggered at 1.2407 and subsequently scaled up near 1.19 continues to be in play. The developing upswing will be treated as an opportunity to add to exposure further. To that end, price action will be closely monitored for signs of exhaustion, with break of counter-trend support set from the August 15 low being one possible cue to sell.

EUR/USD TRADING RESOURCES

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

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

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

DISCLOSURES

News & Analysis at your fingertips.