Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro benefited from Fed action and advanced 1.2% since opening in Asia, as renewed optimism boosted risk appetite. Fresh bulls broke out of two-day congestion, formed above new three-year low and generated initial positive signal on break above past two day's highs (where strong upside rejections occurred) and Fibo barrier at 1.0838 (23.6% of 1.1494/1.0635 fall), focusing on next barrier at 1.0901 (falling 10 DMA). The action is supported by rising daily RSI which formed bullish divergence; stochastics' emerge from oversold territory and rising momentum, while 5DMA turned sideways. Bulls need close above 10DMA to confirm positive stance and expose 1.0963 (Fibo 38.2%), but will face a tough work as a cluster of daily MA's between 1.0977 and 1.1082 (30/55/100/20/200DMA) marks very strong barrier. Also, traders look for a verification of Fed's latest measures in the Congress that would further improve the sentiment and boost Euro. Broken Fibo 23.6% barrier now reverted to initial support (1.0838), guarding 5DMA (1.0736), loss of which will neutralize bulls.
Res: 1.0878; 1.0901; 1.0963; 1.0977
Sup: 1.0838; 1.0800; 1.0775; 1.0736
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 holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
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.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.