• 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 Trend Compression- Breakout Levels

Forex Tips by Forex Tips
June 24, 2020
in Technical Analysis
0
EUR/USD Trend Compression- Breakout Levels
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Euro Technical Price Outlook: EUR/USD Weekly Trade Levels

  • Euro updated technical trade levels & sentiment – Weekly Chart
  • EUR/USD falters ahead of 2020 highs – risk for correction while below 1.1370
  • Critical support at 1.1029 – breach / close above 1.1449 needed to fuel leg higher

Euro rallied more than 0.9% against the US Dollar this week with EUR/USD rebounding off a key technical confluence zone we’ve been tracking for months now. The recent recovery may be short-lived however as price holds below the yearly highs and we’re on the lookout for a breakout of this two-week range for guidance. These are the updated targets and invalidation levels that matter on the EUR/USD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro trade setup and more.

Starts in:

Live now:

Jun 29

( 12:06 GMT )

Live Weekly Strategy Webinars on Mondays at 12:30GMT

Weekly Scalping Webinar

Register for webinar

Join now

Webinar has ended

Euro Price Chart – EUR/USD Weekly

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

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

Notes: In last month’s Euro Weekly Price Outlook we noted to look for a break of the 1.0777-1.0987 range for guidance with a breach / weekly close above need to keep the focus on, “subsequent topside objectives at 1.1092 and 1.1167/87 (critical).” EUR/USD blasted through this threshold into the close of May with the rally faltering early in June at the 38.2% Fibonacci retracement of the 2018 decline at 1.1370.

The subsequent pullback tested support this week back at 1.1167/87 with bullish invalidation now raised to the 50% retracement at 1.1029. A topside breach from here keeps the focus on the 2019 objective yearly open at 1.1445– look for a reaction there with a close above needed to mark a larger reversal in trend towards 1.1597.

EUR Forecast

EUR Forecast

Recommended by Michael Boutros

Download Our Latest Quarterly Euro Price Forecasts!

Bottom line: Euro failed to breach the yearly highs on this last stretch and while the broader outlook remains constructive, the risk remains for further weakness while below 1.1370. From a trading standpoint, the focus is on a break of the 1.1167-1.1370 range for guidance – losses should be limited to 1.1029 IF price is indeed heading higher. Ultimately, a larger pullback may offer more favorable entries closer to trend support. I’ll publish an updated Euro Price Outlook once we get further clarity on the near-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 - Weekly Technical Forecast

  • A summary of IG Client Sentiment shows traders are net-short EUR/USD – the ratio stands at -1.78 (35.99% of traders are long) – bullish reading
  • Long positions are14.50% lower than yesterday and 16.36% higher from last week
  • Short positions are3.33% higher than yesterday and 8.57% 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. Positioning is more net-short than yesterday but less net-short from last week. The combination of current positioning and recent changes gives us a further mixed EUR/USD trading biasfrom a sentiment standpoint.

EUR/USD
BEARISH

Data provided by



of clients are net long.



of clients are net short.

Change in Longs Shorts OI
Daily 12% -3% 2%
Weekly 14% -13% -5%

—

Key Euro / US Data Releases

Euro / US Key Data Releases - EUR/USD Economic Calendar

Economic Calendar – latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

— Written by Michael Boutros, Technical Strategist with DailyFX

Follow Michael on Twitter @MBForex





Source link

Share76Tweet47

Related Posts

Our data shows traders are now net-long USD/JPY for the first time since Mar 02, 2021 when USD/JPY traded near 106.76.

Our data shows traders are now net-long USD/JPY for the first time since Mar 02, 2021 when USD/JPY traded near 106.76.

by Forex Tips
April 16, 2021
0

Number of traders net-short has decreased by 5.50% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Dollar as a Safe Haven or Source of Global Instability?

US Dollar Analysis, Looking Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

by Forex Tips
April 16, 2021
0

US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical AnalysisUS Dollar is looking vulnerable against ASEAN currenciesUSD/SGD took out...

Big Resistance Coming into Focus

Big Resistance Coming into Focus

by Forex Tips
April 16, 2021
0

FTSE 100 Technical Highlights:FTSE gained some momentum in recent tradeTest of big resistance over 7000 is importantWatch price action...

AUD/USD Rips into April- Breakout Levels

by Forex Tips
April 16, 2021
0

Australian Dollar Technical Price Outlook: Near-term Trade LevelsAustralian Dollar technical trade level update – Daily & Intraday ChartsAUD/USD near-term...

Gold Price Forecast: Searching for a Bottom

Gold Price Forecast: Short-term Double Bottom Emerges

by Forex Tips
April 15, 2021
0

Gold Price Outlook:Following their rebound from critical trend support at the end of March, gold prices have now broken...

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.