EURUSD: Neutral

Jim Langlands FX Charts

EUR/USD: 1.0589

The Euro has been volatile but has again held on above the recent 1.0525 pivot, spiking to as high as 1.0615 following the ECB decision, before settling at 1.0585.

The momentum indicators still look pretty neutral following the ECB decision and a cautious stance is again required ahead of today’s NFP release, although I prefer to trade from the short side, selling into strength. If we do head lower, below the session low of 1.0525 could retest the 1.0500/1.0490 area, beneath which there is not too much to hold the Euro up ahead of the 11 January low of 1.0453. Under there would suggest a run to much lower levels, with a return to the early January low of 1.0340 not being out of the question. On the topside, resistance will be seen at the session high of 1.0615 ahead of the 7 Mar high of 1.0639 beyond which, look for a move towards 1.0675/80. Beyond that would allow room for 1.0700+ although it would need a very poor NFP to get there and I don’t think it is likely.

24 Hour: Neutral		Medium Term: Prefer to sell rallies
Resistance		Resistance
1.0713	8 Feb high	1.0565	200 HMA
1.0678	16 Feb high	1.0525	Session low
1.0639/35/30	7 Mar high/(76.4% of 1.0678/1.0493)/Descending trend resistance	1.0501/93	3 Mar Low/22 Feb low
1.0615	Session high	1.0453	11 Jan low
1.0600	Minor	1.0420	Minor

Economic data highlights will include:

German Trade Balance, US Jobs/NFP/Average Hourly Earnings data, Monthly Budget Statement, Baker Hughes Oil Rig Count

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0715
2. R2 1.0665
3. R1 1.0624
PP 1.0574
1. S1 1.0533
2. S2 1.0483
3. S3 1.0442

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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.