EURUSD Approaches 1.20, GBPUSD at 1.35 Resistance

Chris Svorcik Elite CurrenSea

GBP/USD

4 hour

The GBP/USD bullish break is still moving higher and could see price move towards the Fibonacci targets of waves 5. The uptrend seems to be part of a wave 5 (brown) within wave C (green).

1 hour

The GBP/USD seems to be building an internal 5 wave (grey) pattern within a larger wave 3 (blue/green) breakout. A bearish retracement could occur as part of wave 4 (grey) but price could some time before the correction is completed. A break below the 61.8% Fib would make a wave 4 (grey) less likely.

EUR/USD

4 hour

The EUR/USD has reached the strong resistance zone (red lines) andis building a rising wedge chart pattern (red/blue lines) near the 1.20 round level. A bearish reversal could send the EUR/USD lower to test the wave 2 vs 1 (pink) and the Fib levels of wave Y (purple) whereas a bullish breakout could indicate a continuation of the uptrend.

1 hour

The EUR/USD is testing the resistance trend line (red) and the Fibonacci levels of wave Y (orange) of the rising wedge pattern.

USD/JPY

4 hour

The USD/JPY bearish price action is now challenging a larger support trend line. A break below the support trend line (blue) could indicate a larger bearish wave C (purple) correction within wave 2 or B (light purple).

1 hour

The USD/JPY bearish breakout could see price retest the support levels around 112.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

US spot Ethereum exchange-traded funds flipped negative again on Wednesday after recording net outflows of $129.1 million, reversing mild inflows seen at the beginning of the week, per SoSoValue data. Fidelity's FETH was responsible for more than half of withdrawals, posting outflows of $67 million.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.