Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro cracked 1.1900 barrier in early Friday's trading and hit the highest in over two years after Thursday's close above key Fibo barrier at 1.1822 (61.8% of 1.2555/1.0635) generated strong bullish signal. Bulls turned focus to psychological 1.20 level, break of which would spark further advance and expose next target at 1.2102 (Fibo 76.4%). The single currency heads for the sixth consecutive week in green, with last two weeks showing strong acceleration higher and for the biggest monthly advance in a decade (5.7%) that confirms strong bullish stance. Bullish technical studies support the advance but consolidation ahead of attack at 1.20 target is very likely. Strongly overbought daily studies and 14-d momentum turning south, support the notion, as traders may collect profits at the end of the week. Broken Fibo level at 1.1822 reverted to strong support, with weekly close above here to bulls intact. Eurozone GDP and US personal spending are highlights on today's economic calendar.
Res: 1.1908; 1.1950; 1.2000; 1.2023
Sup: 1.1835; 1.1822; 1.1796; 1.1730
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.