EUR/USD Outlook: Fresh advance in Asia looks for eventual break of key Fibo barrier

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro surged in Asia and hit new 2 ½ high at 1.1294, boosted by news about increased demand for the currency on Japanese bank plans for multi-billion purchase business from a German bank.
Fresh advance probes above converging 20/30SMA’s (1.1273/78) and through strong Fibo barrier at 1.1284 (38.2% of 1.1448/1.1183 / 10WMA) which capped multiple attacks in past few sessions.
Improved sentiment could help bulls along with rising momentum, but close above these barriers is needed to confirm bullish signal and open way towards next key barrier at 1.1216 (daily cloud base / 50% retracement / daily Kijun-sen).
The pair is on track for bullish weekly close that would also complete reversal pattern on weekly chart and signal further recovery.
Caution on repeated failure at 1.1284 that would signal extended sideways mode and make the downside more vulnerable.
Rising 10SMA (1.1241) underpins the action and marks pivotal support, loss of which will be bearish.

Res: 1.1294; 1.1316; 1.1348; 1.1385
Sup: 1.1273; 1.1251; 1.1241; 1.1210

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1317
2. R2 1.1303
3. R1 1.1278
PP 1.1264
1. S1 1.1239
2. S2 1.1225
3. S3 1.12

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 holds losses below 1.1650 on renewed USD uptick

EUR/USD is off the low but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.