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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Silver: -0.83% Gold: -1.60% View the performance of all markets via
  • RT @EricBalchunas: The deed is done. Home free… $BITO
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.71%, while traders in GBP/JPY are at opposite extremes with 79.19%. See the summary chart below and full details and charts on DailyFX:
  • The past few weeks we have regularly mentioned that the SEC is likely to look kindly upon the few Bitcoin futures-based ETFs applications in its pending tray. Get your $btc market update from @nickcawley1 here:
  • Gold prices are poised for a breakout in the days ahead as XAU/USD contracts into longer-term uptrend support. Get your weekly gold forecast from @MBForex here:
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.11% US 500: 0.77% France 40: 0.18% FTSE 100: 0.10% Germany 30: 0.07% View the performance of all markets via
  • The main focus in the FX space has been the Japanese Yen which continues to go up in smoke across the board. Get your market update from @JMcQueenFX here:
  • EUR/USD looking to close out the week above the key 1.16 level, now trading at 1.1603 $EURUSD
  • Free Bird was on the radio when I was getting my lunch. That is my 'an angle gets its wings' moment for the fall
  • Three Democrats urge House to pause overseas tax hike - Politico via BBG
EUR/USD Eyes Declining Further, Watch the Levels – Euro vs USD Price Outlook

EUR/USD Eyes Declining Further, Watch the Levels – Euro vs USD Price Outlook

Mahmoud Alkudsi, Analyst

EUR/USD Price Technical Forecast

  • EUR/USD resumes bearish price action, what’s next?
  • Levels and thresholds to monitor

EUR/USD Price – Bears in Charge

Last week, EUR/USD broke below a key support level at 1.1059. On Friday, EUR/USD tumbled to its lowest level in four months at 1.0942, then closed the weekly candlestick in the red with 1.3% loss.

The Relative Strength Index (RSI) fell from 50 to 32 highlighting bears comeback.

EUR/USD Daily PRice CHART (June 15, 2018 – FEB 10, 2020) Zoomed Out

EURUSD Daily price chart 10-02-20 zoomed out

EUR/USD Daily Price CHART (Sep 25 – FEB 10, 2020) Zoomed in

EURUSD Daily price chart 10-02-20 zoomed in

Looking at the daily chart, we notice on Oct 21 EUR/USD rebounded from 1.1179 then developed a broadening top pattern. This is usually a bearish pattern. See the chart (zoomed out).

In late Jan, bears pulled back causing EURUSD to rally. Yet, the price failed to close above the 50-Day average. In early Feb, the market opened with a gap to the downside indicating that bears would comeback.

This led the pair to fall to a lower trading zone 1.0951 – 1.0912. Hence, a close below the low end of the zone could encourage bears to press towards 1.0812. That said, the weekly support level underlined on the chart (zoomed in) should be considered as some traders might join/exit around these points.

On the flip-side, a close above the high end of the zone reflects bear’s reluctance. This could lead some of them to exit the market and cause a rally towards 1.1059 contingent on clearing the daily resistance levels underscored on the chart.

EUR/USD four Hour Price CHART (Jan 14 – FEB 10, 2020)

EURUSD Four Hour price chart 10-02-20

From the four-hour chart, we noticed that on Jan 31 EUR/USD corrected its down trend move as carved out a higher low at 1.1017. On Feb 4, the market resumed bearish price action creating lower highs with lower lows.

A break below 1.0879 could send EURUSD towards 1.0820. Nevertheless, the weekly support level marked on the chart should be kept in focus. In turn, a break above 1.0996 could cause a rally towards 1.1027. Although, the daily resistance level printed on the chart should be watched closely.

See the chart to know more about key technical levels in a further bullish scenario.

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.