EUR/USD falls below 1.1300. French and German PMI's badly disappointed. ECB President Draghi stressed downside risks on Thursday. Markets are concerned about Chinese growth.
GBP/USD is trading well below 1.2600, down on the day. UK PM May failed to secure concessions from the EU in the Summit. The Brexit deadlock is joined by fears about the Chinese economy.
The European Union will have to decide how much to help PM May. If Brussels does not bend on the backstop May will lose the Democratic Unionists of Northern Ireland and eventually a confidence vote in Parliament.
The Crypto market is moving around the yearly lows after ten months of a bear market. Pessimism covers it all, and the recurring headlines say we are still far from seeing a bottom.
He believes that Bitcoin mass adoption will be driven by a higher level of acceptance as an asset class. While Lee declined to give a target price for the year-end, he said that Bitcoin's fair value would be $150,000 if the number of active wallets approached to 7% of Visa’s 4.5 billion account holders.
XRP/USD broke below $0.30 handle to trade at $0.2988 during early Asian hours. The second largest coin with a market capitalization of $12.2 is relatively stable despite a disappointing move under critical support.
The market is both and red and green as we come to the end of the week. Litecoin price is in the green with gains of 2.45% on the day. However, legacy digital assets like Bitcoin and Ethereum retested the 2018 lows. Bitcoin is attempting a recovery above the broken support at $3,300. Ethereum on the other hand, is also in the red with subtle intraday declines of 0.31%.
ETH/USD is hovering around $86.00, off the Asian low of $84.95. The third largest cryptocurrency has been relatively stable during recent trading hours as the market grope for support after a long-term decline.
Slow economic growth still the main drag for the common currency
The EUR/USD pair seesawed between gains and losses throughout the week, finishing it up around the 1.1400 level. For a sixth consecutive week, the pair has been unable to find a certain direction, trapped between a more dovish Fed and slowing growth and political turmoil in the EU.
EUR/USD remains in the same old range after Draghi's dovish twist, but the technical picture has turned against it.
The Technical Confluences Indicator shows that euro/dollar faces an uphill battle around 1.1367 with the Bollinger Band 1h-Middle, the Simple Moving Average 100-1h, the SMA 5-4h, the SMA 100-15m, the SMA 200-4h, the BB one-day-Middle, the BB 15 min Upper, the Fibonacci 38.2% one-day, the SMA 10-15m, and quite a few additional technical lines.
If the pair manages to overcome that hurdle, it faces fierce resistance at 1.1400 which is the confluence of the potent Fibonacci 38.2% one-month, the previous one-day high, the Pivot Point one-day Resistance 1, the Fibonacci 23.6% one-week, and the BB 4h-Upper.
Looking down, EUR/USD has some support at 1.1314 where we see the previous weekly low and the Bollinger Band 4h-Lower.