EUR/USD outlook: Euro eases after strong rejection at key Fibo barrier

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro holds in red and eases in European trading on Monday as dollar is regaining traction after being hit by fresh risk-off mode on attack on Saudi oil installations during the weekend.
Strong two-day bounce from Thursday’s post-ECB spike low (1.0925) stalled just under pivotal Fibo barrier at 1.1111 (38.2% of 1.1412/1.0925) and returned below cracked bear-trendline (drawn off 1.1412 high), forming Shooting star pattern that maintains near-term pressure.
Fresh extension lower penetrated thick hourly cloud (1.1052/18), focusing pivotal supports at 1.1039/35 (Fibo 38.2% of 1.0926/1.1109 / 10DMA) and 1.1018 (hourly cloud base), loss of which will be bearish.
Weaker momentum and stochastic approaching overbought zone on daily chart, support scenario, however, near-term action remains supported by Thursday’s long-tailed candle, formed after strong downside rejection, which may slow the pullback.

Res: 1.1078; 1.1086; 1.1111; 1.1138
Sup: 1.1035; 1.1018; 1.1000; 1.0985

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

1. R3 1.1157
2. R2 1.1133
3. R1 1.1104
PP 1.108
1. S1 1.105
2. S2 1.1027
3. S3 1.0997

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 trims some losses, back to 1.1770

EUR/USD remains on the back foot on Thursday, managing to regain some composure and reclaim the 1.1770 region after bottoming out near 1.1740 earlier in the day. The pair’s daily retracement comes as the US Dollar extends its recovery, buoyed by another round of solid US data that has reinforced the Greenback’s underlying strength and kept buyers firmly in control.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.