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
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
Oil - US Crude
Mixed
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
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
Mixed
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
Bullish
USD/JPY
Mixed
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
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
  • $GBPUSD posts impressive Q2 recovery, however, what upside challenges lie ahead in Q3? Download our #GBP trading guide to find out: https://t.co/ZE0yjc6wdQ https://t.co/bFa90VJYor
Euro Technical Outlook: EUR/USD Trend Compression- Breakout Levels

Euro Technical Outlook: EUR/USD Trend Compression- Breakout Levels

2020-06-24 15:30:00
Michael Boutros, Strategist
Share:

Euro Technical Price Outlook: EUR/USD Weekly Trade Levels

  • Euro updated technical trade levels & sentiment – Weekly Chart
  • EUR/USD falters ahead of 2020 highs – risk for correction while below 1.1370
  • Critical support at 1.1029 – breach / close above 1.1449 needed to fuel leg higher

Euro rallied more than 0.9% against the US Dollar this week with EUR/USD rebounding off a key technical confluence zone we’ve been tracking for months now. The recent recovery may be short-lived however as price holds below the yearly highs and we’re on the lookout for a breakout of this two-week range for guidance. These are the updated targets and invalidation levels that matter on the EUR/USD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro trade setup and more.

Starts in:
Live now:
Jul 06
( 12:07 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Euro Price Chart – EUR/USD Weekly

Euro Price Chart - EUR/USD Weekly - Euro vs US Dollar Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Notes: In last month’s Euro Weekly Price Outlook we noted to look for a break of the 1.0777-1.0987 range for guidance with a breach / weekly close above need to keep the focus on, “subsequent topside objectives at 1.1092 and 1.1167/87 (critical).” EUR/USD blasted through this threshold into the close of May with the rally faltering early in June at the 38.2% Fibonacci retracement of the 2018 decline at 1.1370.

The subsequent pullback tested support this week back at 1.1167/87 with bullish invalidation now raised to the 50% retracement at 1.1029. A topside breach from here keeps the focus on the 2019 objective yearly open at 1.1445- look for a reaction there with a close above needed to mark a larger reversal in trend towards 1.1597.

EUR Forecast
EUR Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly Euro Price Forecasts!
Get My Guide

Bottom line: Euro failed to breach the yearly highs on this last stretch and while the broader outlook remains constructive, the risk remains for further weakness while below 1.1370. From a trading standpoint, the focus is on a break of the 1.1167-1.1370 range for guidance – losses should be limited to 1.1029 IF price is indeed heading higher. Ultimately, a larger pullback may offer more favorable entries closer to trend support. I’ll publish an updated Euro Price Outlook once we get further clarity on the near-term EUR/USD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trader Sentiment - EUR/USD Price Chart - Euro vs US Dollar Trade Outlook - Weekly Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.78 (35.99% of traders are long) – bullish reading
  • Long positions are14.50% lower than yesterday and 16.36% higher from last week
  • Short positions are3.33% higher than yesterday and 8.57% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Positioning is more net-short than yesterday but less net-short from last week. The combination of current positioning and recent changes gives us a further mixed EUR/USD trading biasfrom a sentiment standpoint.
EUR/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -2% 10% 5%
Weekly -2% 7% 4%
Learn how shifts in Euro retail positioning impact trend
Get My Guide

---

Key Euro / US Data Releases

Euro / US Key Data Releases - EUR/USD Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.