EUR/USD upside pressure intact – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the pair’s outlook should shift to bullish from the current neutral stance on a close above the 1.1900 handle.

Key Quotes

24-hour view: “In line with expectation, EUR extended its gains but the up-move was thwarted by the strong 1.1860 resistance (high has been 1.1855). The immediate pressure remains on the upside but any move above 1.1860 is unlikely to have enough momentum to threaten the next resistance at 1.1900. Support is at 1.1830 but only a move back below 1.1800 would indicate that a short-term top is in place”.

Next 1-3 weeks: “EUR continues to respect the major 1.1860 resistance (overnight high of 1.1855). As highlighted yesterday, the improved undertone suggests that a move above 1.1860 would not be surprising in the coming days even though only a daily closing above 1.1900 would indicate that EUR has moved into a bullish phase. The odds for such a move are not high at this stage but would continue to improve as long as the key short-term support at 1.1760 is intact (prior key support was at 1.1730)”.

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 recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.