EUR/USD eyes recovery but faces uphill task

Aayush Jindal TitanFX

Key highlights

EUR/USD started a recovery wave from the 1.0600 zone.
A key bullish trend line is forming with support at 1.0680 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair traded as low as 1.0598 and recently started a recovery wave. There was a move above the 1.0650 and 1.0680 resistance levels. The pair even tested the 50% Fib retracement level of the downward move from the 1.0885 swing high to the 1.0598 low.

However, the bears seem to be active near the 1.0740 level. EUR/USD is now consolidating near the 100 simple moving average (red, 4-hour).

Immediate resistance is near the 1.0740 level. The first key resistance is near the 1.0775 zone and the 200 simple moving average (green, 4-hour). It is close to the 61.8% Fib retracement level of the downward move from the 1.0885 swing high to the 1.0598 low.

A clear move above the 1.0775 resistance could send the pair further higher. In the stated case, EUR/USD bulls could even aim for a move toward 1.0850.

Immediate support is near the 1.0680 level. There is also a key bullish trend line forming with support at 1.0680 on the same chart. The next major support is at 1.0620. If there is a downside break below the 1.0620 support, the pair might test 1.0600. The main support is now forming at 1.0580. Any more losses might send the pair toward 1.0520.

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 weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.