Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro extends recovery on Thursday and pressuring pivotal barriers at 1.0954 (falling 30DMA/Fibo 38.2% of 1.1239/1.0778), after taking out initial barrier at 1.0904 (20DMA).
Fresh bullish acceleration emerged after Wednesday's long-legged Doji showed strong indecision, signaling further advance as traders collected profits from larger downtrend.
Momentum on daily chart is in steep ascend and about to break into positive territory that adds to bullish signals on formation of Doji reversal pattern on weekly chart, however, bulls may face headwinds as daily stochastic is strongly overbought.
Bulls are expected to hold grip while holding above 20DMA, with break and close above 1.0954 to open way for stronger correction of 1.1239/1.0778 fall and expose psychological barrier at 1.10.
Caution on fall and close below 20DMA that would generate initial signal of an end of recovery phase, which will be confirmed on close below 10DMA (1.0844).
Res: 1.0954; 1.1000; 1.1036; 1.1050
Sup: 1.0904; 1.0877; 1.0855; 1.0844
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 stands firm above 0.6500 with markets bracing for Aussie PPI, US inflation
The Aussie Dollar begins Friday’s Asian session on the right foot against the Greenback after posting gains of 0.33% on Thursday. The AUD/USD advance was sponsored by a United States report showing the economy is growing below estimates while inflation picked up. The pair traded at 0.6518.
EUR/USD mired near 1.0730 after choppy Thursday market session
EUR/USD whipsawed somewhat on Thursday, and the pair is heading into Friday's early session near 1.0730 after a back-and-forth session and complicated US data that vexed rate cut hopes.
Gold soars as US economic woes and inflation fears grip investors
Gold prices advanced modestly during Thursday’s North American session, gaining more than 0.5% following the release of crucial economic data from the United States. GDP figures for the first quarter of 2024 missed estimates, increasing speculation that the US Fed could lower borrowing costs.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.