EUR/USD Price Analysis: Bears lurking at daily resistance

EUR/USD has shot up to test a critical daily resistance area.
DXY below a critical level of support, now turned resistance.

Ross J Burland FXStreet

The Euro has been outperforming as the greenback crumbles to below critical areas of support on the daily charts.

DXY daily chart

As illustrated, the price broke the 13 Aug low as well as the 5 Aug structure which exposes 91.80 and lower for a deeper test of demand territory for the days or weeks ahead.

The following illustrates, however, a corrective scenario in the euro from daily resistance.

Daily chart

The price is meeting resistance in the 1.1880/00s which puts a focus on the downside for a meanwhile correction.

The prior level of resistance, near 1.18 the figure, could be targeted on a restest.

This also aligns with the 61.8% Fibonacci retracement level.

4-hour chart

On the lower time frames, there are a number of structures for the bear to contend with first.

The first area of support comes in as the daily 38.2% Fibonacci retracement near 1.1845 which has a confluence with the 21-EMA.

A break there opens the prospects of a test of the dynamic daily support and a subsequent follow-through opens the path to the 61.8% target.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Top Crypto Gainers: Polkadot, Near Protocol, Uniswap lead market rebound

Altcoins, such as Polkadot, Near Protocol, and Uniswap, are leading gains over the last 24 hours as Bitcoin jumped 6% on Wednesday. The altcoins are holding steady at press time on Thursday following a rebound the previous day, testing the waters around their 50-day Exponential Moving Average.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.