EUR/USD: Downside still remains

FXStreet Team FXStreet

EUR/USD has surged as coronavirus fears sent the dollar tumbling down. Early March's daily chart shows where this rally may end, Yohay Elam from FXStreet analyzes the technical outlook of the pair.

Key quotes

“EUR/USD has made an impressive recovery bounce from the lows of 1.0777, where the Relative Strength Index on the daily chart was below 30 – indicating oversold conditions.”

"The recent rise has lifted momentum – yet it still leans to the downside. EUR/USD temporarily topped the 50-day Simple Moving Average but was rejected at the 100-day SMA.”

“Support awaits at 1.0985, a low point in December. The former double-bottom from September, at 1.0940, is more significant.”

“Resistance awaits at 1.1050, the late February high which also converges with the 100-day SMA. The round level of 1.11 also held the pair down in January and converges with the 200-day SMA.”

Author

FXStreet Team

FXStreet

EUR/USD clings to daily gains, still below 1.1900

EUR/USD manages to reverse two daily pullbacks in a row and advances modestly on Thursday, hovering around the 1.1880 zone amid the inconclusive price action around the US Dollar. Meanwhile, weekly Initial Claims rose more than expected last week, while attention is expected to shift to the upcoming US CPI data on Friday.

GBP/USD picks up pace, hits 1.3640

GBP/USD trades with modest gains around 1.3640 so far on Thursday. Indeed, Cable looks to leave behind the weakness seen in the first half of the week in a context of an equally erratic performance in the Greenback and disappoting UK data releases.

Gold stays offered below $5,100

Gold keeps the choppy trade well in place on Thursday, navigating the area below the $5,100 mark per troy ounce amid the lack of clear direction in the Greenback, declining US Treasury yields across the curve and caution ahead of Friday’s publication of US CPI.

LayerZero Price Forecast: ZRO steadies as markets digest Zero blockchain announcement

LayerZero (ZRO) trades above $2.00 at press time on Thursday, holding steady after a 17% rebound the previous day, which aligned with the public announcement of the Zero blockchain and Cathie Wood joining the advisory board.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.