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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Heads Up:🇰🇷 GDP Growth Rate YoY Final (Q3) due at 23:00 GMT (15min) Expected: -1.3% Previous: -2.7% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Heads Up:🇰🇷 GDP Growth Rate QoQ Final (Q3) due at 23:00 GMT (15min) Expected: 1.9% Previous: -3.2% https://www.dailyfx.com/economic-calendar#2020-11-30
  • The US Dollar attempting to break / close below critical support zone at multi-year uptrend support – risk for accelerated losses while below 92.28.Get your $USD market update from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/zRfCpcPZyf
  • 🇦🇺 Markit Manufacturing PMI Final (NOV) Actual: 55.8 Previous: 54.2 https://www.dailyfx.com/economic-calendar#2020-11-30
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇨🇦CAD: -0.13% 🇳🇿NZD: -0.19% 🇪🇺EUR: -0.31% 🇨🇭CHF: -0.48% 🇦🇺AUD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/i45ZdRaBaW
  • Crude oil just closed out its third biggest monthly gain in two decades with WTI up 26%
  • Heads Up:🇦🇺 Markit Manufacturing PMI Final (NOV) due at 22:00 GMT (15min) Previous: 54.2 https://www.dailyfx.com/economic-calendar#2020-11-30
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: -0.22% Gold: -0.61% Oil - US Crude: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DKorjjhcBA
  • Powell: Hard to assess economic implications of vaccine news. Pace of economic recovery moderated in recent months $SPX $DXY
  • Fed's Powell: Fed will return unused portion of treasury funds as requested #Fed
EUR/USD Technical Analysis: Euro Takes Aim at April Low

EUR/USD Technical Analysis: Euro Takes Aim at April Low

2019-05-17 06:00:00
Ilya Spivak, Head Strategist, APAC
Share:

EUR/USD Technical Strategy: BEARISH

  • Euro poised to challenge April low after near-term support break
  • Break of 1.11 likely needed to confirm scope for lasting weakness
  • Invalidating bearish bias calls for penetration above 1.13 figure

See the quarterly Euro forecast to learn what is likely to drive price action through mid-year!

The Euro’s recovery from late-April lows was rejected on a retest of counter-trend line support-turned resistance, as expected. Prices did not immediately follow through on a break of trend support on the four-hour chart, but they were likewise unable to establish a new high. The pair has now broken broader support in the 1.1175-82 area, seemingly setting the stage for a test of the swing low at 1.1109.

Euro vs US Dollar chart - 4 hour

However, a look back at the daily chart seems to warn sellers to proceed with caution. Prices continue to oscillate within what looks to be a Rising Wedge chart formation. This pattern typically carries bullish implications, a bias reinforced in this case with the appearance of positive RSI divergence (although confirmation is still needed on a breach above the Wedge top).

EUR/USD Technical Analysis: Euro Takes Aim at April Low

On balance, EUR/USD positioning seems to imply that a near-term downswing is probably in the cards but its subsequent extension into longer-term bearish trend development is suspect. A daily close below 1.1109 is likely to be needed for downside momentum to build in earnest. A daily close above the Wedge ceiling – currency at 1.1328 – would make a compelling case for bullish invalidation.

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