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
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇨🇭 Unemployment Rate (APR) due at 05:45 GMT (15min) Expected: 3.3% Previous: 3.4% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/vTQL8Xy7DA
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/b4xjlLMx2o
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.10%, while traders in France 40 are at opposite extremes with 80.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dlo1iyakWu
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇪🇺EUR: 0.03% 🇨🇭CHF: 0.02% 🇳🇿NZD: -0.03% 🇦🇺AUD: -0.08% 🇨🇦CAD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/DFYLycgM4p
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.59% Germany 30: 0.55% FTSE 100: 0.47% US 500: 0.07% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Bl2cnt8tKJ
  • Ahead of Friday's NFPs, the Dollar took a dive this past session which has set back a DXY inverse head and shoulders and pushed a EURUSD rising wedge. But the pair taking most advantage of the Greenback slip: $USDCAD. Watch this pair and the Dollar ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/07/Dollar-Break-Disarms-Bigger-Reversal-Before-NFPs-Canadian-Dollar-a-Big-Mover.html https://t.co/WiHjD9XBRI
  • The Canadian Dollar may resume its broader advance against the Japanese Yen given the less-dovish scope of the BoC compared to the BoJ now and perhaps in the long run.Get your $CAD market update from @ddubrovskyFX here:https://t.co/LjuvBh7pL3 https://t.co/ItAq5lCrLj
  • 🇨🇳 Balance of Trade (APR) Actual: $42.85B Expected: $28.1B Previous: $13.8B https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇨🇳 Balance of Trade (APR) due at 03:00 GMT (15min) Expected: $28.1B Previous: $13.8B https://www.dailyfx.com/economic-calendar#2021-05-07
EUR/USD Technical Analysis: Trend Aims Lower Despite Choppy Trade

EUR/USD Technical Analysis: Trend Aims Lower Despite Choppy Trade

Ilya Spivak, Head Strategist, APAC

EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro chart setup muddied anew as prices return above 1.11 figure
  • Rise undid key support break, making for inconclusive chart setup
  • Long-term technical positioning argues for a broadly bearish bias

See the latest Euro technical and fundamental forecast to find out what will drive prices in Q3!

Just when it seemed like a bit of clarity had finally emerged in Euro technical positioning, a sharp recovery from support above the 1.10 figure has muddied the waters anew. The move pointedly undid an earlier break below a long-standing support shelf in the 1.1107-16 area, which seemed to signal bearish trend resumption after a long period of aimless drift.

Prices are now pinned to neckline support-turned-resistance just above the 1.12 mark. A daily close above that faces minor upside barriers at 1.1286 and 1.1348 along the way to a challenge of the June 25 swing top at 1.1412. Alternatively, a move back below 1.1107 paves the way for another probe of the August 1 bottom (and two-year low) at 1.1027.

Euro vs US Dollar price chart - daily

Daily EUR/USD chart created in TradingView

With near-term positioning looking conflicted once again, reviewing the overall trend bias is useful. The monthly chart points to a broadly bearish bias, with resumption of a more than decade-long EUR/USD downtrend making steady (if modest) headway after a break of support near 1.15 in October 2018. A break below the inflection point at 1.0980 could expose a range floor near 1.05.

Euro vs US Dollar price chart - monthly

Monthly EUR/USD chart created in TradingView

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