EUR/USD Price Analysis: Bears push bulls towards breaking point

EUR/USD bears are lurking below 1.0300 and eye a fast break below support.
The bulls are gathering at 4-hour support in the meanwhile.

Ross J Burland FXStreet

EUR/USD is under pressure at the start of the week and the highs appear to be locked in following a break of structure at 1.0270 as the following technical analysis will show with 1.0200 in focus:

EUR/USD weekly chart

The weekly chart sees the price attempting to break the dominant trendline resistance, but so far, the bulls are lacking conviction. A pullback is underway and there are prospects of a correction to the support structure.

EUR/USD daily chart

The daily charts show that the price is cracking the structure of 1.0270 on the backside of the micro trendline that has been broken. This gives rise to a downside continuation into support.

EUR/USD H4 chart

The 4-hour chart sees the price collected at support already. A correction could play out in the meantime for the restest of the counter trendline.

EURUSD H1 chart

The hourly chart shows a large imbalance of bids and offers below the current support structure that will likely be mitigated quickly in a sharp drop below the current support.

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 remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.