EURUSD Analysis: Channel pattern spotted

Dukascopy Bank Team Dukascopy Bank SA

On Tuesday morning various additional pieces of information were spotted on the hourly chart for the EUR/USD currency pair. First of all, it is clear that the 1.1140 level is working as a support level, as it has held the line and forced a rebound already twice. Secondly, a short term descending channel has been spotted. In accordance with the channel the pair is set to decline in a 45 degree angle. Meanwhile, regarding the next twenty four hours, the common European currency is highly likely going to surge until it bounced off a resistance level either at 1.1175 or 1.1190. After a bounce off the pair would continue the decline down to the weekly S1, which is located at the 1.1121 level. However, traders should take into account the mentioned 1.1140 level.

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.1226
2. R2 1.1218
3. R1 1.1211
PP 1.1203
1. S1 1.1197
2. S2 1.1189
3. S3 1.1182

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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.