EUR/USD: bulls need to use 1.0810 to regroup

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD breaks important support at the 2019 low of 1.0885/77 for a sell signal targeting 1.0840/30 (hit yesterday) then 2 year trend line support at 1.0810/00 for profit taking on shorts.

USDCAD bottomed exactly at strong support at 1.3240/30 & held above here all day. Obviously this is key to direction today.

Daily Analysis

EURUSD hit the next downside target of 1.0840/30 yesterday as we look for 2 year trend line support at 1.0810/00 for profit taking on shorts. A weekly close below 1.0790 tonight is a sell signal for start of next week despite severely oversold conditions.

Bulls need to use 1.0810/00 to regroup. It is a low risk long trade in oversold conditions with stops below 1.0790. If a bounce from here is seen, look for 1.0830/35 & 1.0860/65. Above 1.0875 targets 1.0890/1.0900.

USDCAD bottomed exactly at our buying opportunity at 1.3240/30 with a 30 pip bounce followed by a second buying opportunity at the level yesterday. Further gains today target 1.3275/85. Above 1.3295 look for 1.3310/20 before the high at 1.3329, coupled with strong resistance at 1.3345/50. Shorts need stops above 1.3365.

Best support at 1.3240/30 & we held exactly as predicted. However be ready to sell a break below 1.3220 for a buying opportunity at 1.33185/75, with stops below 1.3160.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is negative..

Author

Jason Sen

DayTradeIdeas.co.uk

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.