CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
Cookie policy
Our websites use cookies to offer you a better browsing experience by enabling, optimising, and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy and our privacy policy.
CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred.
CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
EURUSD likely resuming down trend with potential to 1.07-1.0660
GBPUSD could drop as low as 1.25-1.24.
Dollar Index eyeing 1.0556 level
Keep an eye on key levels for reversals
EURUSD got rejected at the 100 daily Moving Average just a few pips below the 0.618 retracement at 1.0883. The downtrend is likely to resume with a downside potential to 1.07–1.0660 supports.
RSI is still showing negative sentiment with no divergence supporting the bearish view. To reverse to an uptrend, a daily close above 1.0885 is needed
Source all charts and data: Saxo Group
GBPUSD spiked just a few pips above the 0.382 retracement at 1.2675 only to close below, and below both the 55 and 100 Moving Averages.
The strength indicator RSI is still showing negative sentiment with no divergence supporting the bearish view where GBPUSD is likely to test 1.25, possibly lower. A break below GBP 1.25 could push GBPUSD towards 1.24.
For GBPUSD to reverse this bearish scenario and unfold, a close above 1.2685 is necessary
The Dollar Index found support at the 55 daily Moving Average, then got rejected at the 0.618 retracement at 104.40. However, the underlying sentiment is bullish with the 21, 55, and 200 Moving Averages all rising.
The strength indicator RSI is supporting the bullish view where the Index is likely to take out last week’s peak at 104.84 and push on to 105.56–105.85
A daily close below 103.68 will demolish this bullish scenario
The information on or via the website is provided to you by Saxo Bank (Switzerland) Ltd. (“Saxo Bank”) for educational and information purposes only. The information should not be construed as an offer or recommendation to enter into any transaction or any particular service, nor should the contents be construed as advice of any other kind, for example of a tax or legal nature.
All trading carries risk. Loses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money.
Saxo Bank does not guarantee the accuracy, completeness, or usefulness of any information provided and shall not be responsible for any errors or omissions or for any losses or damages resulting from the use of such information.
The content of this website represents marketing material and is not the result of financial analysis or research. It has therefore has not been prepared in accordance with directives designed to promote the independence of financial/investment research and is not subject to any prohibition on dealing ahead of the dissemination of financial/investment research.