EUR/USD Bearish Break of Rising Wedge during FOMC Statement

Chris Svorcik Elite CurrenSea

EUR/USD

4 hour

The EUR/USD broke the rising wedge chart pattern as mentioned in yesterday’s headline. Price broke below the support trend line during the FOMC statement and interest rate decision by the Federal Reserve in the US. The bearish fall is confirmingthe extended WXY (red) correction within wave 4 (blue). The Fibonacci levels of wave Y (red) and wave 4 (blue) could act as potential support levels.

1 hour

The EUR/USD break of the rising wedge chart pattern occurred with strong momentum and hence price could continue with its bearishness and build an ABC (purple) correction.

GBP/USD

4 hour

The GBP/USD made a higher high but price quickly fell back during the FOMC statement. The bullish move could have completed the wave 3 (blue) and started the wave 4 (blue) correction.

1 hour

The GBP/USD completed a ending diagonal within the last 5th wave (grey) before price fell quickly back to the support level (green). Considering the strong bearish momentum, price could continue lower via an ABC (purple) correction towards the wave 4 (blue) Fibonacci levels.

USD/JPY

4 hour

The USD/JPY received one more boost during yesterday’s FOMC statement. The USD/JPY moved up strongly after bouncing at the support trend line (green). Price has reached the resistance trend line (red) again.

1 hour

The USD/JPY broke the resistance trend line (dotted orange) and is continuing with the uptrend.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.