EUR/USD at 13-month low: volatility supports US Dollar while core US retail sales double the expectations
Unstoppable dollar's demand sees EUR/USD piercing July 2017 monthly low, grabbing additional support from stronger-than-expected US Retail Sales. 1.1300 figure under pressure.
Pound self-weakness coupled with prevailing dollar's strength sees GBP/USD at fresh 14-month lows well below the 1.2700 figure. UK inflation met the market's expectations, at 2.5% YoY in July.
Bitcoin staged a divergence marginally above the primary support at $6,000 in the hours before the close of the session yesterday. The trend has remained bullish as buyers maintain control over the price on Wednesday 15.
Ethereum price analysis: Slight recovery enters bear trap, ETH co-founder, Lubin reckons “Trader Types” behind price swings
Ethereum is one of the worst hit cryptos in the market by the price swings in August 2018. The digital asset has been butchering support areas to the extent of trading lows slightly above $250.
Litecoin price, like many coins and altcoins corrected higher on Wednesday. The cryptos have come under heavy bear pressure in the market for the last couple of weeks. However, today the bulls had a breather, although a brief one.
Bitcoin price appears to have curved another trajectory path and this time the rendezvous point is $6,400 in the short-term. The largest crypto by market capitalization dipped below $6,000 yesterday adding sorrow to an already gloomy market.
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