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
GBP/USD
Bearish
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
More View more
Real Time News
  • Heads Up:🇯🇵 BoJ Gov Kuroda Speech due at 05:35 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.2 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Crude Oil Prices Hit 2-Month High on Supply Squeeze, 2021 Top Eyed - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/27/Crude-Oil-Prices-Hit-2-Month-High-on-Supply-Squeeze-2021-Top-Eyed.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #crudeoil https://t.co/Rx9kbVPlys
  • 🇯🇵 Leading Economic Index Final (JUL) Actual: 104.1 Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • 🇯🇵 Coincident Index Final (JUL) Actual: 94.4 Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Coincident Index Final (JUL) due at 05:00 GMT (15min) Previous: 94.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Heads Up:🇯🇵 Leading Economic Index Final (JUL) due at 05:00 GMT (15min) Previous: 104.6 https://www.dailyfx.com/economic-calendar#2021-09-27
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/I4C6fBkYPe
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIasun https://t.co/Iqa6geONY6
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-27
EUR/USD Technical Analysis: Euro Bounce May Bring Test Above 1.15

EUR/USD Technical Analysis: Euro Bounce May Bring Test Above 1.15

Ilya Spivak, Head Strategist, APAC

EUR/USD Technical Strategy: Flat

  • Euro breaks 2-month trend resistance, hinting at further gains ahead
  • Longer-term positioning suggests near-term gains probably corrective
  • Profit booked on short trade, waiting for rebound to top for re-entry

Build confidence in your Euro trading strategy with our free guide!

The Euro has breached resistance guiding it lower against the US Dollar since late September, hinting a larger advance may be in the cards. From here, a daily close above the 1.1543-54 chart inflection area exposes minor resistance levels marked by October 16 and August 28 highs at 1.1622 and 1.1734, respectively. A pivotal range top follows in the 1.1815-40 zone.

The outer layer of resistance-turned-support is now at 1.1374. A turn back below that – likewise confirmed on a daily closing basis – would put the 1.1314-1.1279 region back in play. Pushing through that as well would put the November 12 swing low back into the spotlight.

Euro vs US Dollar chart - daily

Turning to the monthly chart for a bit of perspective, further gains from here still look to be corrective within a broader downtrend defining Euro price action for over a decade. In fact, October’s breach of support in the 1.1449-54 area seems to suggest that the next leg in this structural decline may be underway already, even if it is yet to show up in near-term positioning.

EUR/USD Technical Analysis: Euro Bounce May Bring Test Above 1.15

The tactical implications of the current setup are two-fold. First, profit has been booked on the short EUR/USD trade initiated at 1.1708 and then scaled up, first at 1.1468 and subsequently at 1.1242. Second, any on-coming gains from here will be monitored for signs of topping in search of an opportunity to re-enter short in line with the overall trend bias once the current upswing is exhausted.

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