The EUR/USD is modestly up daily basis but within familiar levels, with dollar's demand down on better market mood, and EUR gains limited amid soft local data.
Willy-nilly comments from authorities from both sides of the English Channel keep leading intraday moves, but Pound bulls overcame it all, hoping a deal will be achieved at the end.
The big question is whether the meltdown in stocks changes the course for currencies because the US dollar had a great run this year and is vulnerable to a correction.
Markets have viewed the Democratic House/Republican Senate scenario with equanimity. Divided power is the norm in the United States. Complete control of Congress and the Presidency in one party, as it has been since the inauguration of Donald Trump in January 2017, is uncommon.
The bullish move on Monday has culminated in consolidation below $6,500. Bitcoin price revamp the trend during the trading yesterday adding at least $500 in less than one hour. The support at $6,200 prevent further declines during the weekend trading while the upside was limited at $6,300.
Ethereum price analysis: ETH/USD could accelerate higher; Ethereum Foundation $3 million grant benefits startups
Ethereum short-term is bullish according to the applied technical indicators on the 4-hour timeframe chart. However, the long-term bearish trend is still limiting retracement but we will come to this in a bit. Meanwhile, the declines last week embraced the support at $190 before the price rose again towards $200.
Litecoin, the 7th largest digital asset, is changing hands at $54.77 handle, unchanged both on a day-on-day basis and since the beginning of Tuesday. The coin moves in sync with other digital assets, locked in a range after Monday's wild gyrations.
Cardano (ADA) is trading in the green at the time of writing enjoying the support from the community in the week of the network updates released by the founder. The crypto is currently ranked 9th in the market with a market cap of $1.9 million.
US President Trump unorthodox methods keep working like a charm for him
The common currency retains the dubious honor of being among the weakest currencies across the FX board, as despite dollar's weakness ruled throughout the week, the EUR/USD pair ends it barely up in the 1.1550 region. The pair peaked at 1.1610 and bottomed at 1.1431, a fresh 7-week low, as Italian political woes dominated the pair at the beginning of the week.
Functioning as immediate resistance in the EUR/USD we find several short-term intra-day moving averages as well as the 50-day simple, descending below the 1.1600 handle. A few pips above, the weekly pivot point R1 resistance and the 100-period SMA pertaining to the 4-hour charts, followed by the upper Bollinger in the same time frame could act as a temporary barrier. Looming a few pips above -now in the vicinity of the .1620's- the 200-period SMA on 4-hour charts and the 100-daily SMA printing at 1.1630. If violated, daily R2 at .1647 is the last noteworthy resistance until the next big figure. On the way up, we find the daily R3, which is not clustered to any other indicator.
On the downside, as the Technical Confluences Indicator shows, the pair has to reckon with a few lower-chart technical measures, and it is not until below 1.1540 (down to 1.1525) were we can find a new cluster of levels: the 100- and 200-hour SMAs, among other indicators.
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