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
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Notice

BoE Chief Econimist (Hawk) is to Step Down From BoE After June Meeting

Real Time News
  • US 30yr Treasury auction: - Draw 2.320%, WI 2.338% (prev. 2.295%) - Bid/Cover Ratio: 2.47 (prev. 2.28) 30yr yields tightened to an intraday low following the auction. https://t.co/RbbyJ3A4pZ
  • #Gold Price Forecast: Gold Drifts Towards Range Extremes– $XAUUSD Levels - https://t.co/5UFcmQNpx2 https://t.co/OgP4nFMPG5
  • - Sees inflation slightly exceeding 2% target this year - Don't expect inflation to be running out of control - The Fed has the tools to deal with unwanted higher inflation
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.42%, while traders in Germany 30 are at opposite extremes with 75.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4n1rSAR7VD
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.20% Oil - US Crude: 0.88% Gold: 0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eTA7lkr4LN
  • Among the exceptions, Bitcoin continues to power ahead and IG client sentiment data are sending a bearish signal on GBP/JPY. Get your $GBPJPY market update from @MartinSEssex here:https://t.co/YbeAlUh70c https://t.co/QStrfTiK5D
  • - Supply shortages could limit GDP upside - Expecting consumer-price pressures this year - Long-term disinflationary forces should modulate prices
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.27% 🇯🇵JPY: 0.20% 🇨🇦CAD: 0.20% 🇨🇭CHF: 0.15% 🇦🇺AUD: 0.15% 🇬🇧GBP: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SOlcl3sqbU
  • Fed's Barkin: - Hopeful that US is on brink of completing recovery - Expecting "really strong" spring and summer - Real-time indicators suggests US is "in midst of boom" #Fed $USD
  • Fed's Harker: - No reason to withdraw support yet, recovery remains in early stages - Good reason to expect recovery in 2021 - US GDP should grow 5-6% this year - Expecting unemployment rate to continue to decline #Fed $USD
EUR/USD Tests Reversal Levels – Price May be on Verge of a Break out

EUR/USD Tests Reversal Levels – Price May be on Verge of a Break out

Mahmoud Alkudsi, Analyst

EUR/USD Technical Forecast

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

EUR/USD – Weak Uptrend

On Oct 31, EUR/USD rallied to 1.1175. Since then uptrend move paused and has not been able to overtake this threshold. On Friday, the weekly candlestick closed with a 0.7% gain. However, this week the price could not maintain any of this gain, highlighting market’s indecision at this stage.

The Relative Strength Index (RSI) dropped this week from 60 to 50 reflecting buyer’s loss of momentum.

Having trouble with your trading strategy? Need a hand? Here’s the #1 Mistake That Traders Make

EUR/USD Daily PRice CHART (Mar 31, 2017 – Nov 6, 2019) Zoomed Out

EURUSD price daily chart 06-11-19 zoomed out

EUR/USD Daily Price CHART (July 3 – Nov 6, 2019) Zoomed in

EURUSD price daily chart 06-11-19 zoomed in

Looking at the daily chart, we notice yesterday, the price tested the neckline of double top pattern residing at 1.1073. This suggests if the pair breaks and remains below the neckline, it could press towards 1.0963.

Currently, EURUSD moves in the same old trading zone entered on Oct 17 (1.1060 – 1.1215). A close below the low end could lead the price towards 1.0912. Although, the weekly support levels underlined on the chart (zoomed in) should be kept in focus.

That said, if EURUSD fails in closing below the low end this could mean more of the same. i.e. more of the current sideways move towards the high end of the zone. Nevertheless, the daily and weekly resistance levels underscored on the chart should be watched closely.

Just getting started? See our Beginners’ Guide for FX traders

EUR/USD four Hour Price CHART (SEp 13 – Nov 6, 2019)

EURUSD price four hour chart 06-11-19

From the four-hour chart, we notice on yesterday EUR/USD broke below 1.1127 and targeted the neckline of double top pattern mentioned discussed above on the daily chart. However, sellers pulled back before testing the low end of current trading zone.

Thus, sellers could end current sideways move if EURUSD breaks below 1.1027. This could lead the price towards 1.0963. Although, the weekly support area marked on the chart should be monitored.

On the other hand, buyers could end current sideways move with a break above 1.1179 hinting towards the high end of the zone. In that scenario, the weekly resistance level at 1.1200 handle should be considered.

See the chart to know more about key levels the price would encounter in a further bullish/ bearish move.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES