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
  • Get your basics right. Find out what is stock market volatility and how you can trade It here:
  • The Japanese Yen continues to be pummeled against most major currencies. Get your weekly Japanese Yen forecast from @HathornSabin here:
  • The US Dollar paused its advance against ASEAN currencies. USD/SGD eyes a key trendline, USD/THB risks stalling, USD/PHP enters consolidation as USD/IDR continues ranging. Get your market update from @ddubrovskyFX here:
  • The economic calendar has its top listings (China GDP among them), but traders would do well to keep tabs on themes like the Fed outlook, an imminent Bitcoin record and lurking China contagion. What I'm watching for next week:
  • Crude oil and coal prices hit fresh levels overnight as supply issues threaten to worsen an already fragile energy situation. Asia is particularly susceptible after regional flooding shuttered coal mine operations. Get your market update here:
  • The Japanese Yen has moved lower across the board and is making multi-year lows against the USD. Will it snap the range, and do the same against EUR? Get your market here:
  • The British Pound has bounced off its low against USD while it’s trapped in wide ranges against the EUR and CHF. How long will GBP be tied to its Continental Europe constituents? Find out here:
  • (Weekly Fundy) Australian Dollar Outlook: AUD/USD Back on the Offensive as Covid Restrictions Ease #AUD $AUDUSD #Covid
  • The Australian Dollar is seemingly back on the offensive as lockdowns ease in Sydney and Melbourne. Improving sentiment may allow AUD/USD to capitalize on rising equities and commodity prices. Get your weekly $AUD forecast from @ddubrovskyFX here:
  • The Dow Jones and S&P 500 appear to be vulnerable as retail traders continue to buy into their pullbacks. This is shown via IGCS, which is typically a contrarian indicator. Get your market update from @ddubrovskyFX here:
EUR/USD Price Faces a Key Resistance Level- EUR vs USD Outlook

EUR/USD Price Faces a Key Resistance Level- EUR vs USD Outlook

Mahmoud Alkudsi, Analyst

Euro vs US Dollar Technical Outlook

  • Bullish signals on EUR vs USD price chart
  • EUR/USD a steeper rally

EUR/USD- Bullish Market

On Friday, EUR/USD rallied to an over four-week high at 1.1145 then closed the weekly candlestick in the green with a 2.5% gain.

This week, the Relative Strength Index (RSI) climbed and remained in overbought territory emphasizing the strength of uptrend momentum.

EUR/USD DAILY PRICE CHART (Oct 1, 2018 – June 5, 2020) Zoomed Out

EURUSD Daily price chart 05-06-20 zoomed out

EUR/USD DAILY PRICE CHART ( March 23 – June 5, 2020) Zoomed IN

EURUSD daily price chart 05-06-20 zoomed in

On May 18, EUR/USD closed and remained above the 50-day moving average signaling that bulls were in charge. Today, the market has rallied to a near three-month high at 1.1383 however, the price reversed back to the current trading zone 1.1205 – 1.1370.

A close above the high end of the aforementioned trading zone may encourage bulls to push towards 1.1508 and a further close above that level could extend the rally towards 1.1639.

On the other hand, a close below the high end of the zone reflects bull’s hesitation and may reverse the pair’s direction towards the low and of the zone. A further close below that level could send EURUSD even lower towards 1.1097.

That said, the weekly support and resistance levels underlined on the daily chart (zoomed in) should be considered in both bullish/ bearish scenarios.

EUR/USD Four-Hour PRICE CHART (April 30 – June 5, 2020)

EURUSD Four Hour price chart 05-06-20

On May 25, EUR/USD rebounded from the uptrend originated from the May 14 low at 1.0774 highlighting that the bullish momentum was still intact. Two days later, the price broke above the downtrend line originated from the May 21 high at 1.1008 then steepened its rally highlighting an accelerated bullish sentiment.

A break below 1.1279 could send EURUSD towards 1.1217 in turn, any break in the other direction i.e. above 1.1433 could trigger a rally towards 1.1508. Nonetheless, the daily support and resistance marked on the four-hour chart should be kept in focus.

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.