Most important release for EUR last week was German inflation which came out to be better then expected, while USD was boosted by a better-then-expected GDP (3.7 %) which is a sign of US economy expanding. EURUSD dropped to 1.1170 zone on end of month (EOM ) profit taking.
Technically EURUSD is contaied within a bearish equidistant zig zag after touching 1.1700 zone and we can see that 1.1250 couldn't have withstood bearish pressure. POC ( H4, 61.8, EQ channel top ) comes in 1.1250-60 zone and there could be rejection towards 1.1170 , 1.1105 and 1.1030. We could expect some buying in the lower zone (1.1105 / 1.1030). MACD is showing a slow grind withing its own channel while still below 0 line which indicates bearish momentum even on H1 timeframe. Bearish zig zag is valid as long as 1.1310 is not broken.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
USD/JPY briefly recaptures 160.00, then pulls back sharply
Having briefly recaptured 160.00, USD/JPY pulls back sharply toward 159.00 on potential Japanese FX intervention risks. The Yen tumbles amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
AUD/USD extends gains above 0.6550 on risk flows, hawkish RBA expectations
AUD/USD extends gains above 0.6550 in the Asian session on Monday. The Aussie pair is underpinned by increased bets of an RBA rate hike at its May policy meeting after the previous week's hot Australian CPI data. Risk flows also power the pair's upside.
Gold stays weak below $2,350 amid risk-on mood, firmer USD
Gold price trades on a softer note below $2,350 early Monday. The recent US economic data showed that US inflationary pressures stayed firm, supporting the US Dollar at the expense of Gold price. The upbeat mood also adds to the weight on the bright metal.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.