FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
66,342,593Confirmed
1,526,887Deaths
45,927,577Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
EUR/USD
EUR/USD

The Euro is trading higher on Monday, shortly before the U.S. opening. The single-currency is following through to the upside, following Friday’s closing price reversal bottom and subsequent confirmation earlier today. This could trigger a minimum 2 to 3 day rally.

At 0921 GMT, the EUR/USD is trading 1.1700, up 0.0013 or +0.12%.

Daily EUR/USD

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.1791 will signal a resumption of the uptrend. A trade through 1.1613 will negate the closing price reversal bottom and shift momentum to the downside.

The main range is 1.1851 to 1.1509. Its retracement zone at 1.1680 to 1.1720 is currently being tested. This zone is controlling the near-term direction of the EUR/USD. The short-term range is 1.1509 to 1.1791. Its retracement zone at 1.1650 to 1.1617 is support. The lower or Fibonacci level of this range stopped the selling on Friday at 1.1613, triggering the closing price reversal bottom.

Advertisement

Daily Technical Forecast

Based on the early trade, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the support cluster at 1.1679 to 1.1680. This is being formed by a combination of an uptrending Gann angle and a 50% level.

A sustained move over 1.1680 will indicate the presence of buyers. If this generates enough upside momentum then look for the rally to extend into the Fib level at 1.1720, followed by the downtrending Gann angle at 1.1741. This angle is a potential trigger point for an acceleration into the main top at 1.1791, followed closely by the downtrending Gann angle at 1.1796. The latter is the last potential resistance angle before the 1.1851 main top.

A sustained move under 1.1679 will signal the presence of sellers. This could trigger a break into a 50% level at 1.1650, followed by the 50% level at 1.1617 and the reversal bottom at 1.1613.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US