EUR/USD Could Move Higher Within Range

Aayush Jindal TitanFX

Key Highlights

The Euro found support near 1.1100 after a strong decline against the US Dollar.
EUR/USD traded above a major bearish trend line at 1.1165 on the 4-hours chart..

EURUSD Technical Analysis

Looking at the 4-hours chart, the pair spiked sharply after trading as low as 1.1107. It broke the 1.1165 resistance area and the 50% Fib retracement level of the downward move from the 1.1263 high to 1.1107 low.

Moreover, the pair traded above a major bearish trend line at 1.1165 on the same chart. It even climbed above the 100 simple moving average (red, 4-hours) and the 61.8% Fib retracement level of the downward move from the 1.1263 high to 1.1107 low.

However, there are many hurdles on the upside near the 1.1225 and 1.1250 levels. The main range resistance is near the 1.1265 area, where sellers are likely to defend more gains. If there is a successful break above the 1.1265 barrier, EUR/USD could climb further higher towards the 1.1300 level.

Conversely, if the pair fails to gain strength above 1.1250 or 1.1265, it could start a fresh decline. On the downside, an initial support is near the 1.1180 level, below which the pair is likely to test the 1.1150 support.

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 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.