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
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
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
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • 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: https://t.co/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
Euro Dollar Outlook: EUR/USD Bounce Faces First Test- NFP Levels

Euro Dollar Outlook: EUR/USD Bounce Faces First Test- NFP Levels

Michael Boutros, Strategist

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

  • Euro updated technical trade levels – Daily & Intraday Charts
  • EUR/USD recovery off confluence support in focus- broader bearish invalidation 1.1859
  • Trade remains constructive while above 1.1659- Risk for exhaustion sub-1.17652
Advertisement

Euro plummeted nearly 3% off the yearly highs this month with a rebound off technical support early in the week offering a reprieve to the recent selling pressure. The recovery takes price towards near-term downtrend resistance and we’re looking for a reaction just higher with the key US data prints still on tap into Friday’s Non-Farm Payroll (NFP) releases. Is this just a near-term correction or is a larger base forming? These are the updated targets and invalidation levels that matter on the EUR/USD price charts heading into the close of the month / quarter. Review my latest Strategy Webinar for an in-depth breakdown of this Euro technical setup and more.

Euro Price Chart – EUR/USD Daily

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

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

Technical Outlook: In our last Euro Technical Price Outlook we noted a constructive trade bias while above the 1.15-handle with a breach above near-term resistance, “needed to mark resumption towards the November 2017 swing high at 1.1961 and the 2018 yearly open at 1.2005.” EUR/USD registered a high at 1.2011 into the September open before reversing sharply with a break below the monthly opening-range low last week fueling a leg lower in price.

The decline rebounded off confluence support at the October 2018 high / 25% parallel at 1.1621 early in the week with the recovery now attempting to breach median-line resistance at ~1.17. A close above this region would keep the rebound viable with resistance objectives eyed at 1.1765 and the 75% parallel- regions of interest for possible topside exhaustion IF reached. Bearish invalidation now lowered to the 61.8% Fibonacci retracement at 1.1859. A break lower from here would risk a larger correction heading into the start of October with the next major support zone down at 1.1486/99.

Euro Price Chart – EUR/USD 120min

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

Notes: A closer look at Euro price action sees EUR/USD trading within the confines of a descending pitchfork formation extending off the August / September highs. A rebound off the median-line early in the week has cleared near-term resistance at 1.17 with confluence resistance seen just higher at 1.1754/65- look for a reaction there for guidance IF reached with a breach / close above needed to keep the focus higher in price. Initial support now back at 1.1659 backed by the weekly open at 1.1621- weakness beyond this threshold would shift the focus back towards longer-term slope support at 1.16 and beyond.

Bottom line: Euro has rebounded off near-term downtrend support and the focus is on this near-term recovery. From at trading standpoint, look for a reaction on a test of 1.1754/65- a good zone to reduce long-exposure / raise protective stops. Ultimately a deeper price correction may offer more favorable opportunities closer to trend support with breach above the 1.1859 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 Positioning - Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.15 (46.58% of traders are long) – neutral reading
  • Long positions are 2.25% higher than yesterday and 10.02% higher from last week
  • Short positions are0.55% lower than yesterday and 10.13% 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. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment 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 Euro / US Data Releases - EUR/USD Economic Calendar - US / Eurozone Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Active Technical 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.

DISCLOSURES