EUR/USD: Bulls keep on powering through for now [Video]

Richard Perry Independent Analyst

EUR/USD

There have been early signs of exhaustion in the rally, but the EUR/USD bulls keep on powering through for now. It is difficult to see the dollar regaining much ground whilst Treasury yields continue to plunge new depths. EUR/USD is back to a key barrier, with the resistance around $1.1240 being tested. An incredible move considering just two weeks ago the market was deeply bearishly configured around the multi-year low of $1.0775. A tick back from an early session high of $1.1248 has been seen today with the RSI again over 70. As we found out in mid-February, the traditional limits to the RSI on EUR/USD (between 30 and 70) are being stretched and should not necessarily be seen as limits at all. Subsequently, a closing breakout above $1.1240 today could open the next phase of buying towards $1.1410. The hourly chart shows initial support at $1.1185/$1.1210 (recent old highs), which will gauge the strength today. Hourly MACD turning over give a sense that the market is paying attention to $1.1240, so care does need to be taken with reversal signals. However, until $1.1095 is broken there would not be any real confirmed corrective signal.

Author

Richard Perry

Independent Analyst

EUR/USD flat lines below 1.1900; divergent Fed-ECB expectations offer support

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.

GBP/USD slips heading into the Thursday trading window

The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.

Gold holds losses near $5,050 despite renewed USD selling

Gold price trades in negative territory near $5,050 in Thursday's Asian session. The precious metal faces headwinds from stronger-than-expected US employment data, even as the US Dollar sees a bout of fresh selling. All eyes now remain on the next batch of US labor statistics.

Crypto trades through a confidence reset

The cryptocurrency market is navigating a liquidity-driven reset rather than a narrative-driven rally. Bitcoin, Ethereum and major altcoins remain under pressure even as new exchange-traded fund filings continue and selected inflow days appear on the tape.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

XRP sell-off deepens amid weak retail interest, risk-off sentiment

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.