Near-term risk turned lower and pressures 55SMA support at 1.0600, following Friday's strong close in red after repeated upside rejection at 1.0675 zone, where daily Kijun-sen capped. Falling 10SMA (currently at 1.0633) is expected to cap consolidation above 1.0600 handle, before bears resume. Clearing supports at 1.0600/1.0580 (55SMA/Fibo 61.8% of 1.0520/1.0678 upleg) would open way towards next key support at 1.0520 (15 Feb spike low/daily Ichimoku cloud base). To neutralize bear pressure, the price needs to break and close above 1.0675/86 barriers (30 /20 SMA's).
Res: 1.0633; 1.0647; 1.0675; 1.0686
Sup: 1.0600; 1.0580; 1.0560; 1.0520
Interested in EUR/USD technicals? Check out the key levels
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 stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.