EUR/USD aims to a higher range – UOB

Pablo Piovano FXStreet

Spot is seen trading in a higher range within its current neutral outlook, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Instead of trading sideways (as expected yesterday), EUR burst higher during NY hours to hit a high of 1.1649 before easing off slightly. While there is scope for EUR to extend higher, upward momentum is not exactly strong and any advance could limited to a test of 1.1670. The next resistance at 1.1700 is unlikely to come into the picture. On the downside, only a break of 1.1580 would indicate the current mild upward pressure has eased (minor support is at 1.1600)”.

Next 1-3 weeks: “We have held the same view since Monday (10 Sep, spot at 1.1555) wherein we expect EUR to “probe the bottom of the expected 1.1470/1.1640 consolidation range”. Since then, EUR traded sideways between 1.1524 and 1.1649 and after the relatively firm daily closings over the past two days, the short-term downward pressure has eased. However, there is no change to the current neutral outlook and EUR is still expected to trade sideways from here, albeit likely at a higher range of 1.1550/1.1700”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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.