To accept Michael’s research directly around email, greatfully SIGN UP HERE
- EURUSD possibly trade within near-term longhorn flag-immediate risk still lower
- Check out a EURUSD quarterly projections in a Free DailyFX Trading Forecasts
- Join Michael for Live Weekly Strategy Webinars on Mondays at 12:30GMT
EUR/USD Daily Chart
Technical Outlook: Euro has been trade within a proportions of a well-defined forward pitchfork formation with prices reversing off a top together early in a month. The risk stays for a deeper pullback in with a span while next monthly open insurgency during 1.1841. Key daily support is eyed along a median-line / 2016 highs during 1.1616.
Join Michael on Friday for his bi-weekly Live Webinar on a Foundations of Technical Analysis- Register for Free Here!
Notes: A closer demeanour during cost movement highlights a near-term forward channel arrangement fluctuating off a monthly high (could be a bull-flag). Immediate resistance is eyed during a highlighted trendline connection around ~1.1815. A crack above a 2010 low during 1.1877 would be indispensable to countenance resumption of a broader uptrend targeting 1.1998.
Channel support converges on a median-line during ~1.1650s with some-more poignant support seen during 1.1616(area of seductiveness for long-entries)- a mangle next this turn would be indispensable to advise a some-more suggestive high is in place. Bottom line: I’ll preference a short-side while within this near-term channel with a broader pullback to offer some-more auspicious long-entries.
Note that a annual Jackson Hole Economic Symposium represents poignant eventuality risk for a span with ECB President Mario Draghi Fed Chair Janet Yellen slated for explanation on Thursday Friday. Added counsel is fitting streamer into these events with remarks expected to fuel increasing sensitivity in a EUR USD crosses.
New to Forex? Get started with this Free Beginners Guide
- A outline of IG Client Sentimentshows traders are net-shot EURUSD- a ratio stands during -1.94 (34.0% of traders are long) –bullishreading
- Retail has been net-short given Apr 18th – Price has changed 10.0% aloft given then
- Long positions are 22.3% aloft than yesterday and 16.4% higher from final week
- Short positions are 5.7% reduce than yesterday but 0.4% aloft from final week
- We typically take a contrarian perspective to throng sentiment, and a fact traders are net-short suggests EURUSD prices might continue to rise. Yet traders are reduction net-short than yesterday and compared with final week. Recent changes in view advise that a stream EURUSD cost trend might shortly retreat reduce notwithstanding a fact traders sojourn net-short.
See how shifts in Euro retail positioning are impacting trend– Click here to learn more about sentiment!
Relevant Data Releases
Check out this week’s DailyFX Webinar Schedule
Other Setups in Play:
- Webinar: FX Markets Brace for Yellen – Ethereum Breakout Accelerates
- Are Gold Prices on a Verge of Fresh Yearly Highs?
- AUD/USD Bull-Flag Breakout in a Works
- GBP/USD Prices Testing Support- Risk for Further Losses Remains
– Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michael on Twitter @MBForex or hit him during email@example.com.