EUR/USD - 1.1837.. Euro swung wildly in hectic Wed's session. Although price fell fm 1.1879 to 1.1843 in European morning, euro jumped to 1.1899 on downbeat US ADP payrolls but only to tank to session 1.1834 lows in NY morning.

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 1.2349 peak in early Jan 2021, subsequent decline to 1.1705 (Mar) signals top is made. Although euro climbed to 1.2266 in May, subsequent fall to 1.1753 suggests re-test of 2021 bottom at 1.1705 would be seen, break would extend MT fall fm 1.2349 twd 1.1603. Last week's rally to 1.1909 may extend marginal gain but only weekly close abv 1.1975 aborts bearish view n may risk stronger gain to 1.2090/00 in late Aug/Sep.

Today, euro's selloff fm 1.1899 to 1.1834 due to broad-based usd's rally following Fed Clarida's hawkish comments suggests correction fm 1.1753 has pos- sibly ended, a daily close below 1.1800 would head back twd 1.1753, present fall- ing hourly indicators add credence to this view. Only abv 1.1899 risks 1.1909.

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 flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold awaits US Nonfarm Payrolls data for a sustained upside

Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.

Bitcoin, Ethereum and Ripple show no sign of recovery

Bitcoin, Ethereum, and Ripple show signs of cautious stabilization on Wednesday after failing to close above their key resistance levels earlier this week. BTC trades below $69,000, while ETH and XRP also encountered rejection near major resistance levels. With no immediate bullish catalyst, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

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.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.