EUR/USD at risk of drop toward 1.0550

Aayush Jindal TitanFX

Key highlights

EUR/USD extended losses and traded below 1.0650.
A key bearish trend line is forming with resistance near 1.0700 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below the 1.0700 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

A new multi-week low was formed near 1.0614 and the pair is now consolidating losses. It is now facing resistance near the 1.0675 level. It is close to the 50% Fib retracement level of the recent decline from the 1.0737 swing high to the 1.0614 low.

The next major resistance is near the 1.0700 zone. There is also a key bearish trend line forming with resistance near 1.0700 on the same chart.

A close above 1.0700 could start a steady increase toward 1.0750. Any more gains might send EUR/USD toward the 1.0820 resistance. On the downside, initial support is near the 1.0610 level. The next key support is seen near the 1.0550 level, below which it could test 1.0500.

If there is a move below 1.0500, the pair could dive toward 1.0440. Any more losses might send the pair toward the 1.0350 level.

Author

Aayush Jindal

TitanFX

I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.