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Weekly Price & Time: EUR/USD Nearing Key Technical Level

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Talking Points

  • EUR/USD recovery stalls at important retracement
  • USD/JPY still unable to overcome key long-term retracements over 105.00
  • Gold break important Gann resistance

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Weekly Foreign Exchange Price Time at a Glance:

Weekly Price Time Analysis: EUR/USD

WPT_JAN_17_body_Picture_3.png, Weekly Price amp; Time: EUR/USD Nearing Key Technical Level

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD rebound from last week off key Gann support failed from just above the 38% retracement of the year’s range
  • Our trend bias is lower in the Euro while below the 2013 closing high near 1.3800
  • The 1.3540 area remains key support, with weakness below needed to signal a broader downside resumption
  • The latter half of the month is the next medium-term cycle turn window
  • Only a daily close back over 1.3800 would turn us positive on the Euro again

Weekly EUR/USD Strategy: Like the short side under 1.3800.

Weekly Price Time Analysis: USD/JPY

WPT_JAN_17_body_Picture_2.png, Weekly Price amp; Time: EUR/USD Nearing Key Technical Level

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY came under further pressure this past week and traded to its lowest level in over three weeks before rebounding sharply from the 161.8% projection of the early January decline at 102.90
  • Our broader trend bias is positive in the exchange rate while above 103.35
  • The 105.55 level remains critical resistance that must be overcome soon if another important leg higher is to unfold
  • The latter part of next week is a medium-term cycle turn window
  • A weekly close below the 2nd square root relationship of the year’s high at 103.35 will turn us negative on the exchange rate

Weekly USD/JPY Strategy: Like being long against 103.35, but should be reduced.

Weekly Price Time Analysis: GOLD

WPT_JAN_17_body_Picture_1.png, Weekly Price amp; Time: EUR/USD Nearing Key Technical Level

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD has stalled its advance since reversing from the 1184 161.8% extension of the October advance at the end of December
  • However, Monday’s close above the 2nd square root relationship of the 2013 low at 1247 has turned our broader trend bias to positive in the metal
  • The Decemeber high at 1267.75 is a near-term upside pivot with traction above needed to trigger a more important move higher
  • A medium-term cycle turn window is seen around the end of the month
  • A daily close back under 1213 would turn us negative on the metal

Weekly XAU/USD Strategy: Like being long while over 1213.

Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

To contact Kristian, e-mail kkerr@fxcm.com. Follow me on Twitter @KKerrFX

Analys från DailyFX

EURUSD Weekly Technical Analysis: New Month, More Weakness

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What’s inside:

  • EURUSD broke the ‘neckline’ of a bearish ‘head-and-shoulders’ pattern, April trend-line
  • Resistance in vicinity of 11825/80 likely to keep a lid on further strength
  • Targeting the low to mid-11600s with more selling

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Coming into last week we pointed out the likelihood of finally seeing a resolution of the range EURUSD had been stuck in for the past few weeks, and one of the outcomes we made note of as a possibility was for the triggering of a ’head-and-shoulders’ pattern. Indeed, we saw a break of the ’neckline’ along with a drop below the April trend-line. This led to decent selling before a minor bounce took shape during the latter part of last week.

Looking ahead to next week the euro is set up for further losses as the path of least resistance has turned lower. Looking to a capper on any further strength there is resistance in the 11825-11880 area (old support becomes new resistance). As long as the euro stays below this area a downward bias will remain firmly intact.

Looking lower towards support eyes will be on the August low at 11662 and the 2016 high of 11616, of which the latter just happens to align almost precisely with the measured move target of the ‘head-and-shoulders’ pattern (determined by subtracting the height of the pattern from the neckline).

Bottom line: Shorts look set to have the upperhand as a fresh month gets underway as long as the euro remains capped by resistance. On weakness, we’ll be watching how the euro responds to a drop into support levels.

For a longer-term outlook on EURUSD, check out the just released Q4 Forecast.

EURUSD: Daily

EURUSD Weekly Technical Analysis: New Month, More Weakness

—Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email bysigning up here.

You can follow Paul on Twitter at@PaulRobinonFX.

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Euro Bias Mixed Heading into October, Q4’17

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Euro Bias Mixed Heading into October, Q4'17

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

EURUSD: Retail trader data shows 37.3% of traders are net-long with the ratio of traders short to long at 1.68 to 1. In fact, traders have remained net-short since Apr 18 when EURUSD traded near 1.07831; price has moved 9.6% higher since then. The number of traders net-long is 15.4% lower than yesterday and 16.4% higher from last week, while the number of traders net-short is 0.4% higher than yesterday and 10.5% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EURUSD prices may continue to rise. Positioning is more net-short than yesterday but less net-short from last week. The combination of current sentiment and recent changes gives us a further mixed EURUSD trading bias.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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British Pound Reversal Potential Persists Heading into New Quarter

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British Pound Reversal Potential Persists Heading into New Quarter

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

GBPUSD: Retail trader data shows 38.2% of traders are net-long with the ratio of traders short to long at 1.62 to 1. In fact, traders have remained net-short since Sep 05 when GBPUSD traded near 1.29615; price has moved 3.4% higher since then. The number of traders net-long is 0.1% higher than yesterday and 13.4% higher from last week, while the number of traders net-short is 10.6% lower than yesterday and 18.3% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current GBPUSD price trend may soon reverse lower despite the fact traders remain net-short.

— Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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