Key Highlights
The Euro continued to move lower against the US Dollar and opened with a bearish tone this week.
The EURUSD pair almost tested the 1.0820-00 support area where it is currently finding bids.
A major support trend line on the hourly chart was broken by sellers.
Chinese Caixin China Services PMI, released by Markit Economics posted a decline from the last reading of 48.6 to 48.2 in December 2015, whereas the market was expecting an increase to 49.0.
EURUSD Technical Analysis
The EURUSD pair moved lower earlier today and created a new low of 1.0826 during the start of the year. Earlier, the pair broke a critical support trend line on the hourly chart, which ignited a downside move.
The pair is now placed below the 100 and 200 hourly simple moving averages, which means the chance of it losing ground further is high.
However, it looks like buyers are putting up a fight near the 1.0820 support area and there is a possibility of a correction moving ahead may be towards the 50% Fib retracement level of the last drop from the 1.0942 high to 1.0826 low. The hourly RSI is moving away from the oversold levels, which is a positive sign for bulls and might encourage them to take the pair higher.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
GBP/USD rises above 1.3300 after UK Retail Sales data
GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.
USD/JPY recovers to 142.50 area during BoJ Governor Ueda's presser
USD/JPY stages a modest recovery toward 142.50 in the European morning following the initial pullback seen after the BoJ's decision to maintain status quo. In the post-meeting press conference, Governor Ueda reiterated that they will adjust the degree of easing if needed.
Gold consolidates weekly gains, with sight on $2,600 and beyond
Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.