EUR/USD: The last weekly rally before a longer-term decline? [Video]

Duncan Cooper ACY Securities

EUR/USD overview

Watch the video for a summary of today’s news releases, a review of the USD Index, and a complete Top-Down Analysis of the EURUSD.

EUR/USD weekly

Weekly support at 1.1704, resistance at 1.2243.

On the weekly chart, we may be seeing a double top. Price has moved up to resistance at 1.2243 and then sold off during last Friday’s trading. MACD on the weekly has shown negative divergence and this current move up could be the last weekly rally before a longer-term decline.

EUR/USD daily

Daily support at 1.2181, 1.2150, and 1.2051, resistance at 1.2245.

Price is holding to an uptrend and on Friday closed at daily support at 1.2181. Price did show a reversal candle and it may be the first sign of a change in trend at or above the 1.2200 level.

Price closing above 1.2245 resistance would keep the uptrend in play. Another retest and failure at the 1.2200 level would present an ideal opportunity to sell at a strong resistance level. Price breaking below 1.2051 support would confirm a change in trend and start to confirm the possibilty of a weekly double top and a larger move down.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Duncan Cooper

ACY Securities

Duncan Cooper is a full-time trader and mentor. He has been actively trading the financial markets for more than 15 years and has traded stocks, options, futures, and the Forex Market since 2005.

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.