EUR/USD scope for extra gains above 1.1532 – Commerzbank

Pablo Piovano FXStreet

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, further gains in spot are likely while above the 1.530 area.

Key Quotes

“EUR/USD has eased back to its near term uptrend and 1.1704 and bounced from here: Nearby support is provided by the accelerated uptrend at 1.1704 and the 3 month uptrend at 1.1532 and while above here, there is scope for further gains. It is not clear currently how far this slide will extend, our suspicion is to the 1.1532 uptrend”.

“Initial resistance is found 1.1825. Resistance above the 1.1910 recent high lies at 1.2040 the 2012 low, then 1.2170, the 50% retracement from the move down from the 2014 high”.

“Failure at the 4 month uptrend will trigger losses to 1.1296 and the more important 1.1110 end of May low”.

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 extends slide toward 1.1800 on renewed USD strength

EUR/USD extends its daily slide and trades at a fresh weekly low below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls below 1.3550, pressured by weak UK jobs report

GBP/USD remains under heavy bearish pressure and falls toward 1.3500 on Tuesday. The UK employment data highlighted worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

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.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.