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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
Bearish
Gold
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
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • #Gold Price Technical Outlook: $XAUUSD Soars to Nine-Year Highs - https://t.co/NS6YfghqIg https://t.co/WUqbvANriw
  • Heads Up:🇺🇸 Fed Bostic Speech due at 16:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-09
  • RT @TheStalwart: Starting to look clear that where cases are surging, deaths are starting to go up. Here's the 7-day moving average of both…
  • US 8-Week Bills Draw 0.100% Primary Dealers Awarded: 68.4% Indirect Bidders Accepted: 26.7% Direct Bidders Accepted: 4.9% B/C Ratio: 2.96
  • $Gold snap back, testing support around prior res 1796-1800. prior eight-year-high up to the 1800 psych level https://t.co/LPyHLlQpk8 https://t.co/lEkGvK14kK
  • Arizona virus cases increase 3.7%, in line with prior 7-day average - BBG
  • Hey traders! Market risk appetite is highly concentrated. What are some other market highlights for today? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/YvQTLDBK7p
  • Update on #Cryptocurrencies #BITCOIN -1.27% #BITCOINCASH -2.20% #ETHEREUM -1.62% #RIPPLE +1.59% #LITECOIN -1.11%
  • $EURUSD continuing to catch resistance from the 1292 level, working on its sixth consecutive week. This week has, so far, brought on a higher-high, but can bulls continue to drive? $USD breakdown potential the key for whether or not EUR/USD can push up for a re-test 1500 https://t.co/6MeQmEpluO
  • Hey traders! Market risk appetite is highly concentrated. What are some other market highlights for today? Find out 👇 https://t.co/ebfF9W6nCU
EUR/USD Technical Analysis: Euro May Fall Below 1.07 vs US Dollar

EUR/USD Technical Analysis: Euro May Fall Below 1.07 vs US Dollar

2019-11-25 01:00:00
Ilya Spivak, Head Strategist, APAC
Share:

EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro rejected at chart resistance, eyeing a move to test October low
  • November top break needed to neutralize near-term selling pressure
  • Longer-term position hints move probing below 1.07 may be afoot

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

The Euro recoiled from resistance in the 1.1069-80 price inflection area, pushing prices back toward monthly lows near support in the 1.0968-90 zone. A daily close below that is likely to set the stage for a test of the October 1 swing bottom at 1.0879.

Alternatively, a snapback upward that secures a foothold above 1.1080 – against on a closing basis – would probably open the door to challenge the 1.1176-83 could top anew. Follow-through higher beyond that might neutralize near-term selling pressure and set the stage for a longer-lasting recovery.

For the time being however, broader positioning still seems to telegraph a bearish bias. The pair’s breach below rising counter-trend support at the beginning of November appeared to suggest that a correction had run its course and the preceding downward trajectory was prepared to be reasserted.

Euro vs US Dollar price chart - daily

Daily EUR/USD chart created with TradingView

Zooming out to the weekly chart, recent price action appears to put EUR/USD well within the downtrend carved out since mid-2018. If prior patterns are indicative, trend averages suggest the latest rejection at resistance portends a downswing on the order of 4.5 percent. That would put the pair below 1.07.

EUR/USD Technical Analysis: Euro May Fall Below 1.07 vs US Dollar

Weekly EUR/USD chart created with 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.