EUR/USD weekly double top pattern targeting 1.1165

Duncan Cooper ACY Securities

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete top down analysis of the EURUSD.

EURUSD Weekly:

Weekly support at 1.1168, resistance at 1.1524.

Weekly chart is in a downtrend showing lower tops and bottoms. Price declined last week and closed below the 1.1500 level.

Long term weekly double top pattern remains in play, price projection target for the weekly double top pattern is 1.1165.

EURUSD Daily:

Daily support at 1.1168, resistance at 1.1513 and 1.1535.

Daily chart is in a downtrend showing lower tops and bottoms. Watch for price to rally back to the 1.1513 to 1.1535 weekly/daily resistance area.

Price failing at the 1.1513 to 1.1535 resistance area would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

Long term price projection target for the weekly double top pattern remains at 1.1165.

EURUSD 4 Hour:

4 Hour resistance at 1.1433 and 1.1464.

Watch for price to rally back to either 1.1433 or 1.1464, 4 hour resistance.

Price failing at either 1.1433 or 1.1464 resistance would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.