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
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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Brush up your knowledge on #tradewars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/Db6v6JVLAC
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.26% 🇬🇧GBP: -0.28% 🇦🇺AUD: -0.29% 🇪🇺EUR: -0.32% 🇳🇿NZD: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bSIASt7QtO
  • 🇪🇸 Unemployment Change (FEB) Actual: 44.4K Previous: 76.2K https://www.dailyfx.com/economic-calendar#2021-03-02
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.28% France 40: -0.30% Germany 30: -0.30% Wall Street: -0.41% US 500: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/D4QJ0kGpbS
  • Heads Up:🇪🇸 Unemployment Change (FEB) due at 08:00 GMT (15min) Previous: 76.2K https://www.dailyfx.com/economic-calendar#2021-03-02
  • #Bitcoin, #Ethereum Forecast: BTC/USD, ETH/USD Bullish Reversal at Hand? - https://www.dailyfx.com/forex/market_alert/2021/03/02/Bitcoin-Ethereum-Forecast-BTCUSD-ETHUSD-Bullish-Reversal-at-Hand.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $BTC $ETH $BTCUSD $ETHUSD https://t.co/Pdgnmg5zIV
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/xaTWTOPNgw
  • 🇩🇪 Retail Sales YoY (JAN) Actual: -8.7% Expected: 1.3% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇩🇪 Retail Sales YoY (JAN) Actual: -8.7% Expected: 1.3% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2021-03-02
  • 🇬🇧 Nationwide Housing Prices YoY (FEB) Actual: 6.9% Expected: 5.6% Previous: 6.4% https://www.dailyfx.com/economic-calendar#2021-03-02
EUR/USD Technical Analysis: Euro Drop May Be About to Resume

EUR/USD Technical Analysis: Euro Drop May Be About to Resume

Ilya Spivak, Head Strategist, APAC

EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro finds support below 1.08 figure, attempts recovery vs US Dollar
  • Near-term positioning suggests upswing may be running out of steam
  • Retail trader sentiment studies warn against bearish over-exuberance

The Euro is attempting to recover against the US Dollar, as expected. Prices found support at 1.0783 – the outer layer of an inflection zone established in the first half of 2017 – and bounced. The region’s upper threshold at 1.0880 now marks immediate resistance, with a daily close above that likely to set the stage for a larger retracement to challenge the 1.0968-90 area anew.

Euro vs US Dollar price chart - daily

EUR/USD daily chart created with TradingView

Zooming in to the four-hour chart for a closer look at immediate positioning hints the upswing may have run its course however. The appearance of negative RSI divergence on a test of support-turned-resistance marked by September-October 2019 bottom in the 1.0878-84 area suggests upside momentum is draining. That may set the stage to re-engage the downtrend.

A daily close below 1.0777 – the February 20 swing bottom – would help confirm the case for downside follow-through. Sellers face the next major hurdle beyond that at 1.0671, a pivot level dating back to the December 2016 – April 2017 period. Such a decline would overshoot the estimated drop toward the 1.07 figure implied by downtrend dynamics since mid-2018.

Euro vs US Dollar price chart - 4-hour

EUR/USD 4-hour chart created with TradingView

Building Confidence in Trading
Building Confidence in Trading
Recommended by Ilya Spivak
Building Confidence in Trading
Get My Guide

EUR/USD TRADER SENTIMENT

Chart of Euro vs US Dollar exchange rate, retail trader sentiment

Retail sentiment data shows 74.27% of traders are net-long, with the long-to-short ratio at 2.89 to 1. The number of traders net-long is 1.86% higher than yesterday and 6.96% lower from last week, while the number of traders net-short is 12.65% higher than yesterday and 4.62% higher from last week.

IG Client Sentiment(IGCS) is typically used as a contrarian indicator, and traders being net-long suggests EUR/USD may continue to fall.Yet positioning is less net-long than yesterday and compared with last week, which hints that EUR/USD may rebound.

See the full IGCS sentiment report here.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Ilya Spivak
Improve your trading with IG Client Sentiment Data
Get My Guide

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