EUR/USD: Daily Pivot coming in at 1.1517

Carol Harmer Charmer Trading

EURO/USD

Euros travelled higher yesterday and overnight we have seen 1.1572...now we are back below there...but we are above thr 1.1525...and the Daily Pivot coming in at 1.1517.....and whilst we are above this resistance we would be looking at the market trying once more for the topside... We are oversold on Euros...and the dallies are just beginning to turn positive...Now usually the stock markets and currencies move in the same direction...this has changed...we are seeing stock markets down and currencies up...so you cant use that correlation currently because its not working....

1.1571 was the 38.2 fib level on he 4 hrly charts from 1.1797...so I am sure this is why we stopped here...This period of indicators are overbought... so there is a strong case for Euros to fall today....11517 is not only the daily Pivot it is also the 23.6 fib on the 4 hrly charts...so all will depend on whether we can stay trading above this area...or we break...

Now there is a lot of support around this point....so I would suggest that we buy down to the 1.1517 area...and keep stops then below 1.1495....If we lose this then 1.1470/60 would once more come back into focus... Now as Iv said....1.1572 is the 38.2 fib level....

Now if we range trade for a few hours...this would ease the short term overbought scenario and leave Euros well placed to go and break above this 1.1572 resistance and we would then be looking at 1.1614 to 1.1625 once more...

EURUSD Current Trading Positions

Sell 60%

Buy 40%

Avg Sell Price 1.1473

Avg Buy Price 1.1496

Liquidity Distribution

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.