EUR/USD Forecast: Scope for some more near-term short-covering bounce
Forex Today: Risk rebounds on renewed US-China trade talks, UK retail sales in focus
The risk-on sentiment was the main theme in Asia this Thursday on a rebound in appetite for risk assets amid calming fears over Turkey, as Qatar pledged to aid Turkey. Also, renewed US-China trade talks provided additional lift to the market sentiment.
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BTCUSD Analysis: Bitcoin keeps fighting to hold above this level [Video]
![BTCUSD Analysis: Bitcoin keeps fighting to hold above this level [Video]](https://editorial.azureedge.net/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_Small.jpg)
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Turkish lira collapse spread like wildfire among high-yielding assets
The collapse of the Turkish Lira and ECB's concerns about local banks' exposure to it overshadowed everything else. The EUR/US pair plunged to 1.1431 early Friday, its lowest since July 2017, as multiple factors conspired to boost the greenback.
The EUR/USD consolidated its losses and is looking for a new direction. In order to stage a recovery and not only a dead-cat bounce, there are some hurdles to cross.
The Technical Confluences Indicator shows that the 1.1444 is a convergence of potent technical lines: the Fibonacci 161.8% one-month, the Bolinger Band 4h-Middle, and the Bolinger Band one-day Lower. We also find Fibonacci 23.6% one-week just above.
A break will open the door to another resistance line close by 1.1474 which is the confluence of the Pivot Point one-month Support 2, and the Pivot Point one-day Resistance 2.
Support is at 1.1365 which is the meeting point of the recent 2018 low, the Pivot Point one-month Support 3, and the PP one-day Support 1.
Further down, there are very few support lines with one noteworthy point at 1.1326 which is the Fibonacci 161.8% one-day
