EUR/USD downtrend extends as price breaks channel support

Gregor Horvat Wavetraders

EUR/USD is moving to the downside, printing lower swing highs and lower swing lows, which suggests we are in a downtrend. We may already be breaking into wave three or wave C as shown on 4h TF, with price falling into 1.1580–1.1600 area that we discussed previously. Notice that price is also breaking the trend line support of a potential base channel meaning more downside can come after some rally up into subwave four. We could see further weakness then after current rally with nice resistance at 1.1670. If price suddenly rallies back above 1.1743, then pair goes back to neutral zone.

Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

EUR/USD retreats to daily lows near 1.1570

EUR/USD briefly pushed higher earlier in the session, climbing toward the 1.1650 area, but the recovery quickly lost momentum and the pair has drifted back to test the 1.1570 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is making it difficult for the pair to maintain its footing.

GBP/USD loses the grip, focus is on 1.3300

GBP/USD remains on the defensive on Thursday, hovering around the 1.3320 region. The British Pound is coming under pressure amid growing concerns that rising energy prices could expose the UK economy to stagflation risks, while renewed safe-haven demand for the Greenback continues to weigh on the pair.

Gold drops to two-day lows near $5,100

Gold turns lower on Thursday, slipping back toward the $5,100 area. Persistent strength in the US Dollar (USD) is preventing the precious metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.