Completion of hourly Failure Swing pattern shifts near-term risk lower.
Pivotal supports at 1.0617 (Fibo 38.2%) and 1.0600 (55SMA) coming under pressure.
We need to see daily close above 1.0600 to keep bullish stance from past two days strong rally in play.
Otherwise, more downside risk could be expected on loss of 55SMA pivot.
The pair is on track for weekly close in long-legged Doji that would signal strong indecision after previous week's sharp fall.
Next key level lies at 1.0525 (weekly low / Fibo 61.8% of entire 1.0339/1.0827 rally), loss of which will be bearish
Res: 1.0665; 1.0678; 1.0694; 1.0710
Sup: 1.0617; 1.0600; 1.0580; 1.0557
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.