EUR/USD bulls eye recovery toward 1.0850

Aayush Jindal TitanFX

Key highlights

EUR/USD started an upside correction above the 1.0720 resistance.
A key rising channel is forming with support near 1.0710 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair was able to climb above the 1.0750 resistance and the 100 simple moving average (red, 4 hours). However, the bears were active near the 1.0785 zone. A high is formed near 1.0787 and the pair is now moving lower.

Immediate support is near the 1.0715 level. The next major support is near the 1.0710 level. There is also a key rising channel forming with support near 1.0710 on the same chart.

If there is a downside break below the 1.0710 support, the pair could decline toward the 1.0640 support. Any more losses might send EUR/USD toward 1.0600.

If there is a fresh increase, the pair could face resistance near 1.0780. The first major resistance is near the 1.0820 level. If there is a move above the 1.0820 resistance, the pair could drift toward 1.0880.

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 holds steady above 1.1850 in quiet session

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day holiday.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.