EUR/USD outlook: Bears are pausing ahead of ECB

Slobodan Drvenica Windsor Brokers

EUR/USD

The EURUSD is moving within a narrow range around 1.1800 handle in early Thursday, awaiting signals from today’s ECB policy meeting.

The market expectations are mainly for dovish event that would add pressure to the single currency for attack at key supports at 1.1704/1.1694 (2021 low / Fibo 38.2% of 1.0635/1.2349 rally).

Long tails of daily candles of past three days signal that larger bears are facing headwinds, but remain firmly in play, as daily studies maintain negative momentum and moving averages remain in bearish setup.

Falling 10DMA (1.1811) and 20DMA (1.1838) track the downtrend from early June and mark solid resistances, with close above these indicators to sideline immediate downside risk.

Res: 1.1811; 1.1838; 1.1850; 1.1881.
Sup: 1.1751; 1.1737; 1.1704; 1.1694.

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.1868
2. R2 1.1836
3. R1 1.1815
PP 1.1784
1. S1 1.1762
2. S2 1.1731
3. S3 1.1709

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

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 yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

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.