|

EUR/USD: Daily recommendations on major

DAILY MARKET OUTLOOK on Major
Update Time: 30 June 2020 03:30GMT

EUR/USD - 1.1238
Despite the single currency's strong rebound from last Thursday's low at 1.1191 to 1.1288 yesterday, subsequent retreat to 1.1220 suggests the recovery has ended and consolidation with downside bias remains for a re-test of 1.1191, below would bring weakness towards last Monday's 2-1/2 week trough at 1.1169, where a break would extend decline from June's 3-month peak at 1.1422 towards 1.1116.

On the upside, only above 1.1288 would abort daily bearishness and risks stronger gain to 1.1320/30 but resistance at 1.1348 should remain intact.

There is a slew of data to be released from Italy and France today. One should also pay attention to comments from ECB board member Isabel Schnabel at 13:00GMT and ECB Vice-President Luis de Guindos at 15:00GMT.

Author

AceTrader Team

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

More from AceTrader Team
Share:

Editor's Picks

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans. 

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.