EUR/USD: Euro may have found the bottom of the downtrend

Denis Joeli Fatiaki Independent Analyst

What happened in the last 24 hrs of the trading session?

EUR/USD: The Euro bounced at around the support trend line highlighted in yesterday's update at 1.13607 and made one attempt to break out at 1.14240 during the European session but was unsuccessful and retreated to 1.13950.

The Euro ended the European session with a high low which is an indication that the pair may have found the bottom of the current pullback and may start to make changes to the direction of the trend.

What is going on now?

EUR/USD: The Euro made only one attempt to challenge the current breakout point at 1.14240. However, the pair has bounced at 1.13950 support and the trend line highlighted on the chart and is now starting to show signs of life as it moves parallel to the support trend line and heads back up. The pair is currently trading at 1.14010 just above 1.13950 support and will need to hold above this point to continue to the upside.

My thoughts on what may happen

1. EUR/USD: The pair may have found long-term support as the current price action indicates a potential change to the direction of the trend could be underway. However, the pair will need to break and hold above 1.14240 to progress to its first target at 1.14798. The pair will also need to hold above 1.13950 support to avoid falling to 1.13607 support.

2. Support: 1.13950, 1.13607

3. Resistance: 1.14240, 1.14465, 1.14798

4. It is good practice to apply a stop loss to all your trades to protect your capital in case the market moves against your position.

5. Estimated target: 1.1478, 1.15330

The short-term view of the price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

The short-term view of the price action in the four-hour price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

EUR/USD remains on the back foot near 1.1750

EUR/USD is coming under renewed pressure, sliding towards multi-week lows in the mid-1.1700s on Thursday. The move lower reflects another strong session for the US Dollar, with the Greenback drawing fresh support from a batch of firm US data that reinforced its underlying bid.

GBP/USD drops further, hovers around 1.3460

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3440 area, its lowest levels in around four weeks. The move reflects a firmer Greenback, supported by another round of solid US data, while a somewhat divided FOMC Minutes has added an extra layer of uncertainty around the Fed’s rate path, keeping Cable on the defensive.

Gold struggles to overcome $5,000

Gold is trading with humble gains on Thursday, hovering around the key $5,000 mark per troy ounce. The yellow metal remains underpinned by renewed geopolitical tensions in the Middle East, even as a stronger US Dollar and rising US Treasury yields across the curve limit the upside and keep price action relatively contained.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.