EUR/USD - 1.2035.. Although euro remained on the front foot n met renewed buying at 1.2034 (AUS) on Tue, price climbed to a fresh 6-week high of 1.2079 b4 retreating on rising U.S. yields. Price later hit session lows of 1.2023 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. Despite an impressive upmove to a near 33-month peak of 1.2349 in early Jan 2021, subsequent decline to as low as 1.1705 in Mar signals top is made n would extend twd chart obj. at 1.1603. Having said that, euro's strg rebound to 1.1994 last week due to continued weakness in usd on decline in US yields confirms temporary low is made n Mon's rally abv 1.1994 may bring stronger retracement of said fall fm 1.2349 twd 1.2103 (61.8% r) but reckon pivotal res at 1.2242 should cap upside.

Today, as 1.2079 high was also accompanied by 'bearish divergences' on hourly indicators, subsequent retreat signals temp. top is made n range trading is in store b4 one more rise, reckon res at 1.2112 should cap upside. Below 1.19 94 anytime signals top is made n heads back twd 1.1943 later this week.

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 off highs, back to around 1.1900

EUR/USD keeps its strong bid bias in place despite recedeing to the 1.1900 zone following earlier peaks north of 1.1900 the figure on Monday. The US Dollar remains under pressure, as traders stay on the sidelines ahead of Wednesday’s key January jobs report, leaving the pair room to extend its upward trend for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.