EUR/USD faces uphill task, Oil price rallies further

Aayush Jindal TitanFX

Key highlights

EUR/USD started a fresh decline and traded below 1.0700.
A key bearish trend line is forming with resistance near 1.0730 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below the 1.0700 support, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

It traded to a new multi-week low at 1.0631 and is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the 1.0769 swing high to the 1.0631 low.

On the upside, the pair might face resistance near 1.0685. The next major resistance is near the 1.0720 zone. There is also a key bearish trend line forming with resistance near 1.0730 on the same chart. The trend line is near the 76.4% Fib retracement level of the downward move from the 1.0769 swing high to the 1.0631 low.

A close above 1.0735 could start another decent increase. In the stated case, the pair could rise toward the 1.0765 level. Any more gains might send EUR/USD toward the 1.0800 resistance.

On the downside, immediate support is near 1.0640. The next key support is seen near the 1.0620 level. If there is a move below 1.0620, the pair could dive toward 1.0550. Any more losses might send the pair toward the 1.0500 level.

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 breaks below 1.1800, two-week lows

EUR/USD’s selling pressure is gathering pace now, breaching below the key 1.1800 yardstick to hit new two-week troughs on Wednesday. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and ahead of the publication of the FOMC Minutes.

GBP/USD reaches multi-day lows near 1.3500

GBP/USD reverses its initial upside momentum and is now adding to previous declines, approaching the 1.3500 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold battle to regain $5,000 continues

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and challenging two-day highs near the $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.