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
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
Wall Street
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
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here:
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here:
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here:
  • What's the difference between leading and lagging indicators? Find out from here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
Euro Dollar Outlook: EUR/USD Breakout Faces Key Fibonacci Resistance

Euro Dollar Outlook: EUR/USD Breakout Faces Key Fibonacci Resistance

Michael Boutros, Strategist

Euro Technical Price Outlook: EUR/USD Near-term Trade Levels

  • Euro updated technical trade levels – Daily & Intraday Charts
  • EUR/USD testing multi-year Fibonacci resistance- bulls vulnerable sub-1.1823/52
  • Trade remains constructive while above 1.15- topside breach exposes 1.1961

Euro is poised to snap a six-week winning streak with EUR/USD down 0.27% since the Sunday open. The breakout has now responded to a critical long-term resistance zone we’ve been tracking for months now and leaves the broader rally vulnerable near-term. These are the updated targets and invalidation levels that matter on the EUR/USD price charts heading into the close of the week. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro trade setup and more.

Euro Price Chart – EUR/USD Daily

Euro Price Chart - EUR/USD Daily - Euro vs Dollar Trade Outlook - EURUSD Technical Forecast

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

Technical Outlook: In our last Euro Technical Price Outlook we noted that EUR/USD was probing resistance into the October 2018 high at 1.1621 with breach / close above needed to, “mark resumption towards subsequent resistance objective at 1.1712 and 1.1815/22.” A breakout the following day fueled a sharp rally into the close of July trade with price registering a high at 1.1909 before reversing off pitchfork resistance to settle the week / month below this key resistance range.

The focus remains on the 61.8% Fibonacci retracement of the 2018 decline / June 2018 high at 1.1822/52 with the broader advance vulnerable while below this threshold near-term. Initial support rests at the 1.17-handle backed by 1.1621. Bullish invalidation now raised to the 2019 high-day close at 1.15. Ultimately, a breach / close above the upper parallel is needed to mark resumption towards the November 2017 swing high at 1.1961 and the 2018 yearly open at 1.2005.

Euro Price Chart – EUR/USD 120min

Euro Price Chart - EUR/USD 120min - Euro vs US Dollar Trade Outlook - EURUSD Technical Forecast

Notes: A closer look at Euro price action sees EUR/USD trading within the confines of a proposed descending pitchfork formation extending off last week’s highs. It’s too early to rely on this slope but the gradient does highlight levels of interest. Initial support at the weekly opening-range lows at 1.17 backed closely by 1.1621/41- look for a reaction there IF reached with a break / close below needed to suggest a larger correction is underway. Weekly open resistance stands at 1.1771 backed by 1.1822 & 1.1852- both levels of interest for possible topside exhaustion.

Bottom line: Euro is pulling back from confluence resistance at multi-year highs and leaves the broader rally vulnerable near-term while below. From a trading standpoint, a good region to reduce long-exposure / raise protective stops – look for a breakout of the weekly opening-range for guidance. Ultimately, a larger setback may offer more favorable opportunities closer to trend support with a breach above the highs needed to mark resumption of the broader uptrend. Review my latest Euro Weekly Price Outlook for an in-depth look at the longer-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 - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.79 (35.79% of traders are long) – bullish reading
  • Long positions are 12.31% higher than yesterday and 9.39% higher from last week
  • Short positions are8.47% higher than yesterday and 3.81% higher 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. Yet traders are less net-short than yesterday and compared with last week. From a sentiment standpoint, recent changes in positioning warn that the current EUR/USD price trend may soon reverse lower despite the fact traders remain net-short.


Key Euro / US Data Releases

Key Eurozone / US Data Releases - EUR/USD Economic Calendar - Weekly Euro / US Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Active Trade Setups

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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