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
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
Wall Street
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
More View more
Real Time News
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here:
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here:
  • What is your forex trading style? Take the quiz and find out:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via
  • The amount of breakouts the #USD saw against its major peers this week was fairly impressive Lots of opportunities here for reversing dominant downtrends that have been prevailing for about 14-15 months Stay tuned for my USD weekly technical outlook coming out this weekend!
EUR/USD Technical Analysis: Euro Soars as Global Markets Crumble

EUR/USD Technical Analysis: Euro Soars as Global Markets Crumble

Ilya Spivak, Head Strategist, APAC


  • Euro soars to 13-month month high against the US Dollar
  • Downtrend from 2018 broken, key resistance near 1.14 mark
  • Short-term positioning hints a pullback may be in the cards

The Euro soared the highest level in 13 months against the US Dollar as breakneck liquidation gripped financial markets at the start of the trading week. The surge extends an expected recovery from a three-year low that took out the early-2020 downtrend last week.

Prices are now testing resistance in the 1.1412-19 area, marked by the June 2019 swing top and the 61.8% Fibonacci retracement of the EUR/USD downtrend from September 2018. Breaking above that on a daily closing basis probably opens the door for a test of the 78.6% level at 1.1593.

Euro vs US Dollar price chart - daily

EUR/USD daily chart created with TradingView

Immediate support appears to be at 1.1297, the 50% Fib. A turn back below that with confirmation of a breach – again, on a daily closing basis – initially eyes former resistance at 1.1239 (December 31 high). This is followed by the 38.2% retracement at 1.1174.

In fact, negative RSI divergence on the four-hour chart warns that the move higher may be losing strength however, opening the door for a pullback. Neutralizing near-term selling pressure in earnest probably calls for a breach of rising trend support guiding recent gains, now effectively at the 1.12 figure.

Euro vs US Dollar price chart - 4 hour chart

EUR/USD 4-hour chart created with TradingView


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

Retail positioning data shows 69.37% of traders are net-short, with the short-to-long ratio at 2.27 to 1. IG Client Sentiment(IGCS) is typically used as a contrarian indicator, sothe net-shortskew in traderspositioning suggests that EUR/USD may continue to rise.

However, the number of traders net-short is 9.47% lower than in the prior session despite being 39.67% higher compared with a week before. The net-long tally is 5.04% lower than yesterday and 25.55% lower relative tothe preceding week. On balance, this makes for a clouded sentiment-based outlook.

See the full IGCS sentiment report here.


--- Written by Ilya Spivak, Currency Strategist for

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.