EUR/USD Price Analysis: Bulls looking for significant upside correction

EUR/USD bulls have the daily and hourly chart on the watch list.
Bulls seeking an advance to the prior support and the daily W-formation's neckline.

Ross J Burland FXStreet

The price of EUR/USD is turning higher in what would be expected to be a full-on advance to the neckline of the M-formation.

The following illustrates where te opportunity might arise on a 1-hour time frame, first taking into account the daily chart's support and resistance, as follows:

Daily chart

1-hour chart

The conditions on the 1-hour chart remain bearish, however, so the bulls will need to monitor for a change-up with the price advancing further prior to entry.

An optimal entry would be on a pull-back from prior resistance structure and above the 21 moving average with MACD in positive territory.

Therefore, there is still work to be done and this would be expected will play out over the course of the next few sessions.

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 meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.