|premium|

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

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.

EURUSD

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. 

EURUSD

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 PremiumSign In

Author

Duncan Cooper

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.

More from Duncan Cooper
Share:

Editor's Picks

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

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 yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

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.