EUR/USD meets the best support for this week at 1.1070/60

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EUR/USD going nowhere on the grand scale of things as we dip back towards late December lows of 1.1071/64.

USD/CAD trading sideways as we hold first support at 1.3035/30 perfectly for a bounce to minor resistance at 1.3090/99. As I write we topped exactly here. Same levels apply for today.

Daily Analysis

EUR/USD meets the best support for this week at 1.1070/60. Try longs with stops below 1.1050. A break lower is a sell signal targeting 1.1030 & 1.1005/00.

Longs at 1.1070/60 target 1.1085 then 1.1100/10, perhaps as far as a selling opportunity at 1.1130/40 with stops above 1.1150.

USD/CAD holding minor resistance at 1.3090/99. A break above 1.3105 targets 1.3130/35 & very strong resistance at 1.3165/80. Try shorts with stops above 1.3200.

We held support at 1.3035/30 for almost 2 weeks so obviously this is important on the downside this week. A break lower targets 1.3000/1.2990. Further losses risks a retest of the January low at 1.2952/47.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.