EUR/USD outlook: Bullish bias above 1.0800, all eyes on German debt vote on Tuesday

Slobodan Drvenica Windsor Brokers

EUR/USD

The Euro holds in extended consolidation under new 5-month high, following strong rally in past two weeks.

Technical picture remains bullish on daily chart, though overbought RSI and fading bullish momentum, keep in play risk of deeper pullback.

Near-term action should remain biased higher while the price stays above broken pivotal barriers, now acting as solid supports at 1.0820/00 zone (10DMA / Fibo 61.8% of 1.1214/1.0177 / round figure) and keep in focus targets at 1.0969/1.1000 (Fibo 76.4% / psychological).

Weaker dollar and supportive fundamentals played the key role in the latest rally, with focus on German vote for historical changes to borrowing rules which would allow the plan for massive increase in state borrowing for Euro 500 billion for defense and boost of economic growth.

Res: 1.0947; 1.0969; 1.1000; 1.1024.
Sup: 1.0868; 1.0820; 1.0800; 1.0726.

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

1. R3 1.0999
2. R2 1.0956
3. R1 1.0917
PP 1.0874
1. S1 1.0835
2. S2 1.0792
3. S3 1.0753

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 weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.