In today’s Forex Forecast, we look at the technical outlook for EUR/USD, USD/ZAR and BTC/USD, with Eddie Tofpik, Head of FX at ADM Investor Services, who joined the finance show with Bill Hubard, Chief Economist for Bullion Capital, and Zak Mir, Technical Analyst at Zak’s Traders Café.
EUR/USD: Sell on bounce
Tofpik takes a look at the technical chart for EUR/USD, noting that the cross ran into resistance around 1.10 area and saw a reversal lower. The pair is currently testing down support around the 1.09-1.0850 area, with the next support seen around 1.07 levels.
Tofpik believes that there is a new hope for the dollar, expecting further weakness in the EUR. He further suggests using any bounce in EUR/USD as a selling opportunity.
USD/ZAR: Lower before higher
Tofpik notes that the charts remain messy for USD/ZAR, with the pair seeing support around 14.70 area. He further sees probability of another pullback lower before the cross turns higher.
Bitcoin: Aiming higher
Tofpik looks at the chart for Bitcoin, and mentions that the cryptocurrency is still trying to move higher. He sees potential for BTC/USD to head higher towards 501 level.
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