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.

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
Subscribe
Please try again
Oil - US Crude
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
More View more
Real Time News
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:https://t.co/tY5dOmDIWS https://t.co/CvBV8Zcpxh
  • RBA Deputy Governor Debelle says a little more inflation is welcome - BBG
  • - Managed isolation and quarantine (MIQ) reduced to 7 from 14 days effective November 14 - BBG
  • The Australian Dollar has had a period of strengthening against most currencies but there might be some challenges ahead. Will the Australia Dollar go higher? Find out here: https://t.co/0wRHCXnUCO https://t.co/ZuX4YjBUX1
  • New Zealand's Hipkins says Christchurch at alert level 2 - BBG
  • 🇯🇵 Foreign Bond Investment (23/OCT) Actual: ¥-604.5B Previous: ¥1225.4B https://www.dailyfx.com/economic-calendar#2021-10-27
  • 🇯🇵 Retail Sales YoY (SEP) Actual: -0.6% Expected: -2.3% Previous: -3.2% https://www.dailyfx.com/economic-calendar#2021-10-27
  • Heads Up:🇯🇵 Retail Sales YoY (SEP) due at 23:50 GMT (15min) Expected: -2.3% Previous: -3.2% https://www.dailyfx.com/economic-calendar#2021-10-27
  • Heads Up:🇯🇵 Foreign Bond Investment (23/OCT) due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-10-27
  • Further your trading knowledge and gain informed market analyses from our expert analysts @CVecchioFX and @PaulRobinsonFX on Gold with our free Q4 guide, available today. https://t.co/b9XwwYS9uJ #Dailyfxguides $XAU https://t.co/wqawXGmlOU
EUR/USD Forecast: Euro vs USD Price Tests Critical Chart Levels

EUR/USD Forecast: Euro vs USD Price Tests Critical Chart Levels

Mahmoud Alkudsi, Analyst

Euro vs US Dollar Technical Outlook

  • U.S. dollar benefits from a weaker risk-on sentiment
  • EUR vs USD price chart exposes a continuation pattern

EUR/USD- Bulls Ease Up

On Friday, EUR/USD declined to an over two-week low at 1.1168 then closed the weekly candlestick in the red with a 0.7% loss highlighting the weakness of bulls.

The recent surging coronavirus cases in the US and elsewhere combined with the latest IMF expectations of a deeper global recession led investors this week to favor the world reserve currency and avoid riskier currencies.

EUR/USD DAILY PRICE CHART (AUG 1, 2018 – June 26, 2020) Zoomed Out

EURUSD Daily price chart 26-06-20 zoomed out

EUR/USD DAILY PRICE CHART (May 8– June 26, 2020) Zoomed IN

EURUSD Daily price chart 26-06-20 zoomed in

On June 10, EUR/USD made a three-month high at 1.1422 then paused its upward trend and traded in bull flag therefore, any break above the higher line of the downside channel would be considered a bullish signal.

At the start of this week, the pair climbed back to the current trading zone 1.1205 – 1.1370 indicating that bulls were not done yet. Nonetheless, bulls showed a weak sign as the price failed to test the high end of the zone.

A close below the low end of the zone reflects the bull’s hesitation and this could send EURUSD towards 1.1097. Any further close below that level may encourage bears to press towards 1.0992.

On the flip side, another failure in closing below the low-end signals that bulls could reattempt testing the high end of the zone, and any further close above that level may extend the rally towards 1.1508.

EUR/USD Four-Hour PRICE CHART (May 14 – June 26, 2020)

EURUSD Four Hour price chart 26-06-20

On Monday, EUR/USD broke above the lower downtrend line originated from the June 10 high at 1.1422, and generated a bullish signal. On Wednesday, the price reversed lower yet rebounded yesterday from the uptrend line originated from the May 14 low at 1.0774. Therefore, any violation of this line would generate a bearish signal while any break above the higher downtrend line originated from the aforementioned June 10 high would generate a bullish signal.

To conclude, a break below 1.1168 could send EURUSD towards 1.1107 while, a break above 1.1388 could trigger a rally towards 1.1464. With that said, the daily support and resistance marked on the four-hour chart should be considered.

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