Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro holds firmly in red for the third straight day and dips to the lowest since 21 Dec on Monday, deflated by stronger dollar and fading risk sentiment.
Fresh extension lower broke below 20DMA (1.2218, now reverted to solid resistance) and pivotal Fibo support at 1.2173 (23.6% of 1.1602/1.2349), firm break of which would weaken near-term structure and boost near-term bears.
Daily studies weakened, supporting fresh bears as momentum broke into negative territory and continues to head south and 5/10/20DMA's turned to bearish setup.
Key support lays at 1.2064 (Fibo 38.2% of 1.1602/1.2349) and break here would sideline larger bulls for deeper correction.
Res: 1.2218; 1.2247; 1.2264; 1.2284
Sup: 1.2129; 1.2100; 1.2064; 1.2000
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.
Latest Forex Analysis
Editors’ Picks
AUD/USD recaptures 0.7700 amid Risk-on mood, upbeat Aussie data
AUD/USD remains strongly bid above 0.7700 after Monday’s downbeat performance. The aussie benefits from upbeat Australian housing data and risk-on mood. Incoming Treasury Secretary Janet Yellen’s indirect support to Biden’s stimulus favors the risk-takers.
EUR/USD:Falling wedge on 4H tests bearish impulse below 1.2100
EUR/USD portrays choppy trading moves between 1.2075 and 1.2080 during Tuesday’s Asian session. Bullish chart pattern, recovering MACD keep buyers hopeful. Early February lows, 61.8% Fibonacci retracement add to the downside filters.
Gold: All eyes on the greenback and US yields
Gold prices are attempting to recover as the DXY stalls in its bullish correction. The dollar could still be a catalyst for a deeper positioning squeeze in the yellow metal. The US dollar strengthened for a third consecutive day on Monday.
BTC/USD: Its a make or break at 36170
BTC/USD is trending up again in the 30 minutes time frame; the price structure has changed since the weekend selloff with higher highs and higher lows. Prices fell below the crucial point at 36170 in yesterday's session but bounced back.
US Dollar Index: Drops back towards fortnight-old support below 91.00
DXY extends pullback from highest in one month. The Index remains on the back foot around 90.68, down 0.10% intraday, during early Tuesday. Monday’s Doji at multi-day top, overbought RSI favor further consolidation of gains.