EUR/USD extends rejection to 200 hours MA at 1.2470

Mauricio Carrillo Witbrew

FXStreet (San Francisco) - The Euro extended its rejection of the 1.2500 area against the dollar an now the pair is testing its 200 hours MA level at 1.2470.

Earlier in the day, the EUR/USD rallied to test the 1.250 while reaching an intraday high of 1.2505. However, the couple found a selling interest that sent it back to to prices below 1.2500. Currently, EUR/USD is trading at 1.2475, up 0.29% on the day, having posted a daily high at 1.2508 and low at 1.2419.

The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.

EUR/USD sentiment

In the long term, the EUR/USD seems to be in the bearish trend as Morgan Stanley commented that "Selling EUR/USD is" their "best trade for 2015." The banks favors "selling EUR/USD, targeting 1.12 for end-2015.”

However, the story seems different in the short term as pair is trading higher on Monday. According to Pablo Piovano, "the low-1.2500s yet remains quite a tough barrier amongst EUR-bulls, although the ECB meeting on Thursday carries the potential for either a breakout of that resistance zone or a deep retracement to test recent lows in the 1.2360 region."

Below the 200-hour MA level of 1.2470, the EUR/USD will find supports at 1.2460, 1.2425 and 1.2415. To the upside, resistances are at 1.2500, 1.2520 and 1.2530.

Author

Mauricio Carrillo

Witbrew

Mauricio Carrillo is a financial journalist, fintech executive, and inter-markets analyst with fifteen years of experience at the intersection of traditional finance and digital asset infrastructure.

GBP/USD remains in two-day highs around 1.3260

GBP/USD adds to Friday’s bounce, gathering fresh traction and flirting with the 1.3270 zone on Monday, or two-day tops. Cable’s decent advance comes despite the move higher in the Greenback and investors’ assessing of UK PM K. Starmer's resignation.

EUR/USD remains close to three-month lows near 1.1450

EUR/USD sets aside Friday’s bounce and trades with modest losses in the mid-1.1400s at the beginning of the week. The continuation of the bid bias in the US Dollar continues to weigh on spot despite improving sentiment from the geopolitical front.

Gold bounces off lows, looks to surpass $4,200

Gold regains composure and leaves behind three-consecutive daily declines on Monday, looking to regain the area above the $4,200 mark per troy ounce. Reports of progress in the latest round of US-Iran talks are helping the precious metal maintain its footing at the start of the week, although the stronger Greenback seems to limit the upside potential for now.

Breaking: Iran closes the Strait of Hormuz amid ceasefire deal violation

Iran says it is closing the Strait of Hormuz after accusing the United States (US) and Israel of violating the ceasefire. According to Iran, the decision came over the continued Israeli strikes in Lebanon. The Iranian Revolutionary Guard Corps Navy issued a warning to all vessels: "Do not approach the Strait of Hormuz; otherwise, your security will be jeopardized."

Is Shiba Inu dead or just in a crisis? The data behind SHIB's 95% crash

SHIB, the dog-themed meme coin that became one of the biggest success stories in crypto and turned early buyers into crypto millionaires, is facing tough times. Its price has fallen more than 32% so far this year, and it is down 95% from its all-time high in 2021. Is SHIB simply another fading meme coin, or is the market overlooking a possible recovery story?

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.