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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
  • Hello there, traders! It has come to my attention that there have been people pretending to be me on Twitter. If you see anyone doing so, please be sure to report them. My Twitter handle is @ZabelinDimitri. Any variation of that is an imposter. Please spread the word.
  • After approximately 100 votes, it seems that a narrow majority of participants to my poll believe Gold ($GC_F) is going to resolve its congestion with a break lower: https://t.co/NTwXu7ZaGF
  • 🇯🇵 Bank Lending YoY (JUN) Actual: 6.2% Expected: 7.2% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-07-07
  • Heads Up:🇯🇵 Bank Lending YoY (JUN) due at 23:50 GMT (15min) Expected: 7.2% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-07-07
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhy4eY https://t.co/D0gLVmr3Oy
EUR/USD Price Rejected at Resistance, Now Eyes the Support - EUR vs USD Outlook

EUR/USD Price Rejected at Resistance, Now Eyes the Support - EUR vs USD Outlook

2020-05-27 09:31:00
Mahmoud Alkudsi, Analyst
Share:

Euro vs US Dollar Technical Outlook

  • Bull’s hesitation may extend the current sideways move
  • Key chart points and signals to keep track of

Weaker Bullish Sentiment

On Thursday, EUR/USD rallied to a three -week high at 1.1008 then fell and settled below the 1.1000 handle, as some bulls seemed to cut back. Yet, on Friday the weekly candlestick closed in the green with a 0.7% gain.

Alongside that, the Relative Strength Index (RSI) fell from 59 to 51 indicating that bulls were losing momentum.

EUR/USD DAILY PRICE CHART (OCT 1, 2018 – May 27, 2020) Zoomed Out

EURUSD Daily price chart 27-05-20 zoomed out
EUR Forecast
EUR Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q2 Euro Forecast
Get My Guide

EUR/USD DAILY PRICE CHART ( MARCH 17 – May 27, 2020) Zoomed IN

EURUSD Daily price chart 27-05-20 zoomed in

Based on the daily chart analysis, on April 17 EUR/USD corrected its downtrend and carved out a higher low at 1.0812. Since then, the price traded in a sideways move creating a set of lower highs with higher lows.

At the start of last week, the pair climbed to the current trading zone 1.0822 – 1.0992 then closed above the 50-day moving average generating a bullish signal. Yet, the market failed on multiple occasions to rally to the higher zone, highlighting bull’s hesitation at this stage.

That said, any successful close above the high end of the aforementioned zone signals that bulls may push towards 1.1097. A further close above that level could extend this rally towards 1.1240. Nonetheless, the weekly resistance levels underscored on the chart (zoomed in) should be kept in focus.

On the other hand, another close below the high end of the zone may reverse the pair’s direction towards the low end. A further close below that level could send the price even lower towards 1.0719. In that scenario, the weekly support level marked on the chart should be considered.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

EUR/USD Four-Hour PRICE CHART (April 28 – May 27, 2020)

EURUSD Four Hour price chart 27-05-20

Looking at the four- hour chart, on May 18 EUR/USD rallied above the downtrend line originated from the May 1 high at 1.1018. On May 25, the price respected the uptrend line originated from the May 14 low at 1.0774 reflecting that bulls were still in charge. It's worth noting that, any violation of this line would be considered a bearish signal.

Thus, a break below 1.0892 may send EURUSD towards 1.0841. Although, the daily support level printed on the chart should be watched closely. In turn, a break in the other direction i.e. above 1.1027 could trigger a rally towards 1.1084. In that scenario, the weekly resistance level underlined on the chart should be monitored.

See the chart to find out more about the key levels EURUSD would encounter in a further bearish /bullish scenario.

Written By: Mahmoud Alkudsi, Market Analyst

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.

DISCLOSURES

News & Analysis at your fingertips.