EUR/USD - 1.1871.. Although euro swung broadly sideways initially y'day after retreat fm Asian 1.1821 high to 1.1796 in Europe, price extended recent erratic rise on renewed USD's weakness n hit session highs of 1.1877 in NY.

On the bigger picture, despite euro's LT upmove fm 2017 near 14-year low of 1.0341 to a fresh 3-year peak of 1.2555 in mid-Feb 2018, subsequent decline to a near 3-year 1.0637 low in Mar 2020 signals correction has ended. Although euro's impressive upmove to a near 33-month peak of 1.2349 in early Jan 2021 suggests a re-test of 1.2555 may be seen, euro's break of Jan's 1.2055 low to 1.19 53 in early Feb due to broad-based usd's strength signals top is made n fall to 1.1705 last week would bring retrace. of said MT rise twd 1.1695 (38.2% r of 1.0637-1.2349), then twd 1.1603. On the upside, only a weekly close abv 1.1883 would be 1st signal temp. low is made n risk gain twd 1.1947, break, 1.1990.

Today, euro's rally abv Mon's 1.1819 high o a 2-week top of 1.1877 suggests MT fall fm 2021 peak at 1.2349 has made a temp. low at last Wed's 4-1/2 month trough at 1.1705 n gain to 1.1925 is envisaged, o/bot readings on hourly oscillators should cap euro below 1.1947. Below 1.1819/21 signals top, 1.1786/96

Author

AceTrader Team

AceTrader

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.

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.