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
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
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
Gold
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
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • RT @ossingerj: It might be time to start getting nervous - take a look at the options market https://t.co/VjrwQOr2lh via @markets
  • US Dollar Forecast: USD/CAD Eyes FOMC Minutes & Canadian CPI (via @DailyFX) Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/02/18/us-dollar-forecast-usdcad-eyes-fomc-minutes-canadian-cpi.html https://t.co/ngqiRep462
  • $AUDUSD Daily Points: S3: 0.6676 S2: 0.6698 S1: 0.6705 R1: 0.6727 R2: 0.6741 R3: 0.6763 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • China's #coronavirus death toll currently stands at 2,000. Stay tuned for an update on how APAC equities will react to the news - or won't. (BBG)
  • China''s Hubei province has reported 1,693 additional #coronavirus cases and 132 deaths as of February 18. (BBG)
  • The $AUD slipped lower against most major pairs on Tuesday after #coronavirus concerns emerged following Apple’s earnings revision. Get your AUD market update from @PeterHanksFX here: https://t.co/yXLuj4lSBr https://t.co/VDRZ3X1W3R
  • $EURUSD Daily Points: S3: 109.71 S2: 109.79 S1: 109.82 R1: 109.9 R2: 109.94 R3: 110.02 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $GBPUSD Daily Points: S3: 1.2981 S2: 1.299 S1: 1.2993 R1: 1.3002 R2: 1.3008 R3: 1.3017 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.19% 🇦🇺AUD: -0.37% 🇪🇺EUR: -0.42% 🇳🇿NZD: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U9HTtaCyX5
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 2.19% Gold: 1.31% Oil - US Crude: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nyRAAXhjhI
EUR/USD Technical Analysis: Euro Sellers Take Aim at 2019 Bottom

EUR/USD Technical Analysis: Euro Sellers Take Aim at 2019 Bottom

2019-08-30 00:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro issues lowest daily close of the year, aims to challenge 2019 low
  • Closing the month below 1.0980 portends deeper losses in September
  • Rebound above 1.1159 needed to invalidate near-term selling pressure

Get help building confidence in your EUR/USD strategy with our free trading guide!

The Euro was rejected lower after yet another foray upward challenging near-term trend resistance set from the late June swing top. Prices slumped back through the 1.11 figure to issue the lowest close yet of 2019, putting the August 1 low at 1.1027 back in sellers’ crosshairs.

Support is reinforced by the 61.8% Fibonacci expansion at 1.1012. A break below that level confirmed on a daily closing basis opens the door for a test of the 76.4% Fib at 1.0955. Neutralizing immediate selling pressure would probably require a close above downtrend resistance, now at 1.1159.

Euro vs US Dollar price chart - daily

Daily EURUSD chart created in TradingView

Turning to the monthly chart, prices are a critical inflection point as August draws to a close. EURUSD is poised to pressure a four-year inflection level at 1.0980. Closing the month below it may set the stage for deeper loses in September, with the next layer of support meaningfully lower in the 1.0459-1.0563 zone.

EUR/USD Technical Analysis: Euro Sellers Take Aim at 2019 Bottom

Monthly EURUSD 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

News & Analysis at your fingertips.