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.

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • The Canadian Dollar rally has taken USD/CAD into a key near-term support zone and we’re looking for a reaction down here today. Get your $USDCAD technical analysis from @MBForex here: https://t.co/xfYtytf4wF https://t.co/qfWjha3h37
  • Gold Price Outlook: Gold Goes Overbought, Finds Fibonacci Resistance https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/01/Gold-Price-Outlook-Gold-Goes-Overbought-JS-Finds-Fibonacci-Resistance.html https://t.co/dDQOzcMPxc
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.93% 🇨🇦CAD: 1.44% 🇳🇿NZD: 1.42% 🇪🇺EUR: 0.26% 🇯🇵JPY: 0.20% 🇨🇭CHF: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GhC3QOpAvG
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.19% Gold: 0.56% Oil - US Crude: 0.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WWjnR6G4UC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.70%, while traders in US 500 are at opposite extremes with 77.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Pw2G0PKgZJ
  • The US Congressional Budget Office has updated its economic forecasts. Says it could take 10 years to recover from the Coronavirus impact, reducing real GDP by potentially 3% or $7.9tln through 2030
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.72% Germany 30: 0.63% FTSE 100: 0.43% US 500: -0.02% Wall Street: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TM0YYxRxZz
  • The $USDCAD's tumble today is the third largest since Dec 1, 2017. Not even a targeted trade war or extreme risk swing day https://t.co/oFBpMxmUDv
  • #Crypto update: $BTC +0.8% $BCH -0.7% $LTC +0.7% $XRP -1.6% $ETH +1%
  • #Nasdaq 100 may look to continue its upward trajectory. As the de facto leader of equity indices, the tech-heavy index has returned to within just 3% of its all-time high. Get your #Nasdaq market update from @PeterHanksFX here: https://t.co/mBSjd4bhBE https://t.co/5QUkJ8Z0mx
Technical Analysis for EUR/USD, Euro & Sterling Crosses, and More

Technical Analysis for EUR/USD, Euro & Sterling Crosses, and More

2017-12-08 12:30:00
Paul Robinson, Strategist

The euro is declining into a make or break point. GBP/USD found significant buyers at a critical cross-road of support, and positioned higher. Euro and sterling crosses are heading down different paths, with GBP-pairs looking the cleanest.


  • EUR/USD is on a collision course with a very important zone of support surrounding 11700
  • GBP/USD rejected a cross-road of support, positioned for higher prices for now
  • Euro crosses are weakening with a mixed outlook, while sterling cross-rates all have constructive charts

Enjoy the video? DailyFX analysts host various types of live events daily, please see the Webinar Calendar for details.

EUR/USD first broke trend-line support this week, then the last swing-low created on that trend-line, and is now trading towards big support surrounding 11700. This area consists of not only significant horizontal support, but also has a trend-line rising up right in the vicinity. A hold there and turn higher will be needed to keep the euro from further weakness. The days ahead could be quite important for the single-currency.

EUR/USD: Daily

EUR/USD daily chart

GBP/USD rejected a confluence of support by way of a ‘backside retest’ of the broken 2014 trend-line, highs from the Oct-Nov range, and trend-line running higher since November 10. As long as it stays above 13300, then the outlook is positive for cable and a run towards 13659 could soon develop.

Check out this guide for tips on how to Build Confidence in Trading.

GBP/USD: Daily

GBP/USD daily chart

USD/JPY is finding life, but has trend-line resistance from August 2015 which helped cap the rally in November. How it reacts there will be an important tell. AUD/USD is very near trend support rising up from January 2016, but with momentum from the past two days strongly lower it is uncertain how things will play out there. We’ll wait for a response, first, before taking it a step further. A bullish rejection may help put a floor in, while a slice on through could lead to a much deeper decline. Other USD-pairs we looked at were USD/CAD, USD/CHF, and NZD/USD.

Euro-crosses are looking ‘weak-ish’ to neutral at this juncture. EUR/AUD and EUR/NZD both look vulnerable to set-backs, but have some support not far below. EUR/GBP is trading around important support near 8740 and strong close below will have no real support in sight until towards 8400.

Sterling-crosses are all trending higher at the moment, with GBP/AUD, GBP/NZD, and GBP/JPY all posting positive trend behavior (higher highs, higher lows). A couple of them aren’t too far away from erasing all losses experienced following the ‘Brexit’ vote. For GBP/NZD that is 20500 and for GBP/JPY, 15766.

GBP/NZD: Daily

GBP/NZD daily chart

Gold has broken hard following the drop below the December trend-line and congestion it had been stuck in. Lower prices are anticipated, with the 1220/05 region targeted. Silver has long broke and is oversold at the moment, which may lead to a bounce. But overall it still looks headed towards a trend-line dating back to 2003 in the area of 15.20.

For full technical considerations, please see the video above…

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email by SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

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


News & Analysis at your fingertips.