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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
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
Mixed
USD/JPY
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
More View more
Real Time News
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
  • There is a dramatic departure between yield curve pricing for a recession and other measures of near-term growth; the Q2’20 Atlanta Fed GDPNow is extremely alarming.Get your market update from @CVecchioFX here: https://t.co/eMd3T8EwDO https://t.co/56oUP6we9U
  • The #DAX has now closed the gap from the beginning of March with the index breaking above 61.8% fib at 11592. Get your DAX market update from @JMcQueenFX here: https://t.co/wr67nkxc8z https://t.co/CkxPZn1v3t
  • Emerging market currencies haven’t been treated equally by the effects of global contagion, even if most have suffered to some degree. However withdrawal of investment flows could hit them all. Get your market update from @DavidCottleFX here:https://t.co/QzNoNYgMgP https://t.co/9CV6iZt40j
  • My weekend trading video: 'S&P 500 Rises on Trump China Presser, #NFPs and Rate Decisions Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2020/05/30/SP-500-Rises-on-Trump-China-Presser-NFPs-and-Rate-Decisions-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/ZvoGoibzj1
  • Hopes are high for deeper European economic integration as the continent battles back from the coronavirus slowdowns – but will it hold? What impact can this have on #Euro? Find out from @JStanleyFX here: https://t.co/b9ZWRd4cTr https://t.co/gngm5tKqjz
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data.Get your market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/iL7xlHLBiF
  • #Gold has a short-term bullish set-up that may play nicely with USD weakening. The longer and shorter-term path of least resistance remains higher. Get your $XAUUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/B4MVrg8f6i
  • The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/Fo1wlWyz8r
EUR/USD Technical Analysis: Euro Rebound Running Out of Road?

EUR/USD Technical Analysis: Euro Rebound Running Out of Road?

2020-03-30 01:00:00
Ilya Spivak, Head Strategist, APAC
Share:

EUR/USD TECHNICAL ANALYSIS: NEUTRAL

  • Euro recovery may be losing steam near 1.11 vs US Dollar
  • Break of trend line support needed to confirm bearish turn
  • Trader sentiment studies continue to argue for the upside

The Euro managed a spirited recovery against the US Dollar after finding support at a three-year low, as expected. Prices have managed to erase close to 60 percent of the precipitous drop from the March 8 swing high after the Fed made its QE effort open-ended, sending the Greenback broadly lower.

The move higher may now be showing signs of exhaustion. The appearance of negative RSI divergence as prices test the 1.11 figure suggests momentum is ebbing, setting the stage for either a period of sideways drift or a reversal downward.

In the latter scenario, a break of rising trend line support set from the March 23 low – a move amounting in practice to a return below 1.0980-91 zone – would paint preceding gains as corrective in the context of a broader decline. Retesting the congestion area near 1.0850 may follow.

Immediate resistance is marked by the March 27 high at 1.1147. This is immediately reinforced in the 1.1185-1.1214 inflection region. Establishing a foothold above the latter threshold may open the door for a drive upward through the 1.13 figure.

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

Euro vs US Dollar price, trader sentiment

Retail positioning data shows 61.7% of traders are net-short, with the long-to-short ratio at 1.61 to 1. IG Client Sentiment(IGCS) is typically used as a contrarian indicator, sothe net-short skew in tradersexposure suggests that EUR/USD is likely to trend upward.

Furthermore, the number of traders net-short up 4.87% from the prior trading session and 48.02% higher compared with a week before. Meanwhile, the net-short tally has declined. On balance, that appears to strengthen conviction in a sentiment-based bullish bias.

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

News & Analysis at your fingertips.