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
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • $USDJPY is continuing to trade at multi-month highs today, currently trading around the 106.90 level for the first time since August. $USD $JPY https://t.co/lYaK01mCcx
  • $EURUSD support test at the big fig 1.2000 made a bit less exciting by the incursion earlier in February, but interesting setup given Panetta remarks https://t.co/se9gUAxYt2 https://t.co/r8uTrWm1a6
  • ECB's Panetta: - Should not hesitate to increase purchases and to spend the entire PEPP envelope or more if needed - Eventually, commitment to steering the yield curve may allow us to slow purchases - Must establish that unwarranted tightening will not be tolerated #ECB $EUR
  • ECB's Panetta - The steepening in the nominal GDP-weighted yield curve we have been seeing "is unwelcome and must be resisted" #ECB $EUR
  • - The central bank should broadly identify what level of nominal yields it is aiming to achieve; tailor its purchases to achieve that level; and to be ready to intervene to the extent necessary #ECB $EUR
  • ECB's Panetta: - We need to anchor key financial variables like lending rates and the yield curve to support recovery and inflation #ECB $EUR
  • ECB's Panetta: - 2021 is still "a pandemic year" - Policy support will have to remain in place well beyond the end of the pandemic #ECB $EUR
  • 🇨🇦 GDP Growth Rate Annualized (Q4) Actual: 9.6% Expected: 7.5% Previous: 40.6% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇨🇦 GDP Growth Rate QoQ (Q4) Actual: 2.3% Previous: 8.9% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇨🇦 GDP MoM (DEC) Actual: 0.1% Expected: 0.3% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-03-02
EUR/USD Technical Analysis: Euro Flirting with Support Break

EUR/USD Technical Analysis: Euro Flirting with Support Break

Ilya Spivak, Head Strategist, APAC

EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro rejected on a test of two-month range resistance vs US Dollar
  • Shooting Star candlestick hints at topping as bullish conviction ebbs
  • Confirmation of reversal needed to make bearish setup actionable
EUR/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% 5% 4%
Weekly 20% -20% -4%
What does it mean for price action?
Get My Guide

The Euro recoiled from resistance at the top of its recent range against the US Dollar, proving prescient the warning offered by negative RSI divergence about durability of a surge to four-month highs last week. The appearance of a dramatic-looking Shooting Star candlestick at resistance now bolsters the case for draining bullish conviction. That may precede a downturn.

Euro vs US Dollar price chart - daily

Daily EUR/USD chart created with TradingView

Zooming into the four-hour chart for a sense of near-term positioning, EUR/USD seems to be sitting squarely at support in the 1.1110-16 area, marked by a former resistance barrier as well as the trend line guiding prices’ latest upswing. Breaking below that looks to expose the 1.1051-65 congestion region, followed by the range bottom in the 1.0968-90 zone.

Euro vs US Dollar price chart - 4 hour

4-hour EUR/USD chart created with TradingView

On balance, this means that – capitulation at the range top notwithstanding – the bounds of the upswing from late-November lows remain intact for now. Furthermore, proximity to immediate support seems to make initiating short exposure unattractive form a risk/reward perspective. Would-be sellers may opt to wait for a confirmed break of upward-sloping support before considering the setup actionable.

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