Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro is holding in a narrow consolidation near one-month low in European session on Tuesday. Near-term focus is shifting to the downside, as strengthening dollar on fresh hopes of Fed’s further rate hikes weighs and additional pressure came from disappointing German data which showed a significant drop in country’s industrial production.
Daily studies show rising negative momentum and moving averages (10/20/30) in bearish configuration, with completion of three black crows bearish pattern contributing to negative signals.
Bears pressure initial Fibo support at 1.0679 (23.6% of 0.9535/1.1032) reinforced by rising 55DMA (1.0663), break of which would generate fresh bearish signal and expose strong support at 1.0564 (top of rising thick daily cloud), followed by targets at 1.0483/60 (Jan 6 higher low / Fibo 38.2%).
Caution on strongly oversold stochastic which warns that bears may pause for consolidation in coming sessions.
Broken daily Kijun-sen (1.0757) reverted to solid resistance which should ideally cap, though extended upticks under south-turning daily Tenkan-sen (1.0864) would keep near-term bearish bias in play.
Res: 1.0757; 1.0798; 1.0864; 1.0940.
Sup: 1.0679; 1.0663; 1.0564; 1.0483.
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
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'