EUR/USD: Needs to rally through 1.1260 to ease the downside moves

Carol Harmer Charmer Trading

Euro/Usd

Euros had a down day yesterday and took out 1.1170 just...we have managed to climb back above it now....so we have added to longs at 1.1177 and we await today's action...You can feel that the market is short...so I would think that because of this...and also we have had a down week, that there should be some short covering today as no one really wants to ride a position over the weekend...

So I will keep our longs until tonight and see how the US plays it this evening...If I am right we should see a move back above 1.1190 and that would lead us onto 1.1245 where we would then be covering longs..

I don't believe there is any value in running over the weekend, we will wait until Monday again to take advantage of any moves Sunday night/Monday morning have to offer...

I think that really Euros need to make a break through 1.1260 to ease ant further downside moves...Virtually all times frames to the 4H chart are oversold...although the dailies are still pointing lower currently...but Weekly and Monthly charts are very oversold...and although I don't think 1.25 on Monday is an option...I do think that in reality the market has to address these longer term indicators...Now if 1.1160 breaks we have the 1.1118 area and that would provide a DB on the daily charts and the market should recover from these lower levels...

EURUSD Current Trading Positions

Sell 69%

Buy 31%

Avg Sell Price 1.1197

Avg Buy Price 1.1194

Liquidity Distribution

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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.