EUR/USD recovery could fade above 1.0650

Aayush Jindal TitanFX

Key highlights

EUR/USD started an upside correction above 1.0500.
It broke a key bearish trend line with resistance near 1.0490 on the 4-hours chart.

EUR/USD technical analysis

Looking at the 4-hours chart, the pair formed a base above 1.0350 and recovered higher. There was a clear move above a key bearish trend line with resistance near 1.0490. The pair surpassed the 1.0520 resistance zone and the 100 simple moving average (red, 4-hours).

It even climbed above the 50% Fib retracement level of the key decline from the 1.0641 swing high to 1.0349 low. On the upside, the pair is now facing resistance near the 1.0650 level and the 200 simple moving average (green, 4-hours).

The next major resistance is near the 1.0720. A clear move above the 1.0720 level might push the pair towards the key 1.0800 resistance zone.

If not, there is a risk of another decline below the 1.0500 level. The next key support is near 1.0450. A clear move below the 1.0450 level could stage a strong decline in the near term.

Author

Aayush Jindal

TitanFX

I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.