• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

EUR/USD, EUR/GBP, EUR/CAD Charts & Trade Setups

Forex Tips by Forex Tips
June 27, 2020
in Technical Analysis
0
Euro Perched at Key Support as US Dollar Looks to Make a Comeback
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


EURO PRICE OUTLOOK: EUR/USD, EUR/GBP, EUR/CAD – WEEKLY TECHNICAL FORECAST

  • Euro price action edged marginally higher on balance over the last five trading sessions
  • EUR/USD climbed about 150-pips but forfeited more than half of those gains as volatility rises
  • EUR/GBP and EUR/CAD extended their advance and show potential for bullish continuation

Euro price action was mixed and choppy this past week, but the bloc currency edged modestly higher against major FX peers on balance. The Euro jumped against the Canadian Dollar with spot EUR/CAD advancing nearly 0.9% from the prior Friday’s close. EUR/USD prices staged an impressive 180-pip rally to start the week, but the most liquid and heavily traded currency pair whipsawed lower to give back nearly all those gains. As for EUR/GBP, spot prices oscillated in a tight trading range for most of the week until Friday’s 75-pip advance propelled the Euro-Pound out of its consolidation pattern.

Forex for Beginners

Forex for Beginners

Recommended by Rich Dvorak

Forex for Beginners

EUR/USD PRICE CHART: DAILY TIME FRAME (19 FEB TO 26 JUN 2020)

EUR to USD Price Chart Euro Technical Forecast

EUR/USD strength has faded throughout the month as suggested by the negatively sloped relative strength index and 8-day exponential moving average. Also, indicated by the series of lower highs, spot EUR/USD has started to come under pressure as bullish momentum putters out and the US Dollar attempts to rebound.

EUR/USD
BEARISH

Data provided by



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily -4% -5% -4%
Weekly 22% -9% 1%

The Euro now looks toward technical support underpinned approximately by the 1.1200-price level for a possible area of confluence to bolster spot EUR/USD. A breakdown below this zone could lead to an acceleration in selling that steers EUR/USD price action toward the mid-point of its year-to-date trading range.

EUR/GBP PRICE CHART: DAILY TIME FRAME (07 FEB TO 26 JUN 2020)

EUR to GBP Price Chart Euro Forecast Technical Analysis

Chart created by @RichDvorakFX with TradingView

EUR/GBP continues to climb within its bullish rising channel. The MACD illustrates upward momentum has gained pace recently as the Euro-Pound presses to fresh month-to-date highs. EUR/GBP prices finished the week on its front foot after leaping 0.75% off its short-term exponential moving average, which could provide technical support going forward. Eclipsing the 38.2% Fibonacci retracement might open up the door for Euro-Pound bulls to target the 0.9200-price level highlighted by the 23.6% Fib.

EUR/GBP
BULLISH

Data provided by



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily -15% 10% 0%
Weekly -11% 11% 2%

EUR/CAD PRICE CHART: DAILY TIME FRAME (03 APR TO 26 JUN 2020)

Euro Price Chart EUR to CAD Technical Outlook

Chart created by @RichDvorakFX with TradingView

The Canadian Dollar was the worst performing currency against the Euro last week with EUR/CAD price action extending its string of higher highs and bullish trend potentially under development. On that note, spot EUR/CAD shows topside breakout potential, which the expanding Bollinger Band might help facilitate, particularly as crude oil hits resistance.

— Written by Rich Dvorak, Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight





Source link

Share76Tweet47

Related Posts

Our data shows traders are now net-short EUR/GBP for the first time since Jan 12, 2021 when EUR/GBP traded near 0.89.

Our data shows traders are now net-short EUR/GBP for the first time since Jan 12, 2021 when EUR/GBP traded near 0.89.

by Forex Tips
April 12, 2021
0

Number of traders net-short has increased by 38.61% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

April Opening Range Casts Bearish Outlook for DXY

by Forex Tips
April 11, 2021
0

US Dollar Talking PointsThe US Dollar Index (DXY) attempts to retrace the decline from the earlier this week as...

Australian Dollar Technical Forecast: AUD/USD at Crucial Juncture

by Forex Tips
April 11, 2021
0

AUD/USD Technical OutlookAUD/USD trading below neckline of head-and-shoulders patternNot much more time left for price to negate the patternWeakness...

Retail Investors Buying the Dip?

Inverse “Head and Shoulders” Pattern Hints At Upside Potential

by Forex Tips
April 10, 2021
0

Nasdaq 100 index Technical Forecast: BullishThe Nasdaq 100 index resumed its upward trajectory, aiming to challenge its record highsPrices...

USD/JPY at a Big Spot for Directional Themes

USD/JPY at a Big Spot for Directional Themes

by Forex Tips
April 10, 2021
0

USD/JPY Technical Forecast: NeutralUSD/JPY had a very strong Q1 as the reflation theme drove a bullish trend in the...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.