EUR/USD bearish reversal pattern violated [Video]

Olimpiu Tuns Learn 2 Trade

The EUR/USD pair plunged in the last hours as the Dollar Index rallied. It was traded at 1.0554 at the time of writing and it seems determined to approach and reach new lows. Fundamentally, the USD was somehow expected to grow as the US reported better than expected data yesterday. Today, the German Gfk Consumer Climate came in at -27.4K versus -27.5K expected. The USD received a helping hand from the Goods Trade Balance which was reported at -104.3B above 106.0B and from the Prelim Wholesale Inventories which has registered a 2.0% growth versus 2.1% expected.

Later, the US CB Consumer Confidence could really shake the markets. This indicator is seen as a high-impact one and it could drop from 106.4 to 100.0. From the technical point of view, the EUR/USD pair found resistance at 1.0601 again. It has registered only false breakouts through this key static resistance and now it has turned to the downside. As you can see on the H1 chart, the rate escaped from the Rising Wedge pattern signaling that the swing higher ended. Personally, I’ve drawn a descending pitchfork hoping that I’ll catch a new sell-off. As long as it stays under the upper median line, the EUR/USD pair could drop deeper.

Join Learn 2 Trade VIP Group now!

Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.