EUR/USD Bulls and Bears Defend Key Zone at 1.1075

Chris Svorcik Elite CurrenSea

Hi traders,

the EUR/USD’s reaction at the double bottom and potential bullish reversal at the 78.6% Fibonacci level of wave B (blue) is extremely slow and choppy. Will the EUR/USD break below the support for a new downtrend?

EUR/USD

4 hour

Despite Wednesday’s FOMC statement, the EUR/USD hardly moved up or down and price is building a triangle chart pattern as a sign of indecision. The lack of a clear bullish bounce is making a bearish breakout more likely BUT price still faces support at the 88.6% Fibonacci at 1.1050 and the previous bottom at 1.1025. Price will need to break below these levels before a downtrend is likely otherwise a bullish break above the resistance line (red) could spark a rally.

1 hour

The EUR/USD could be building a wave 1-2 (green) pattern as long as price stays above the 100% Fibonacci level of wave 2 vs 1 otherwise a larger bearish correction or new downtrend could be taking place. A break above the resistance line (red) however is needed before price could be building a potential wave 3 (green). A break below the 88.6% and 100% Fibs indicate a downtrend.

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 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.