The dollar eased this Tuesday, but not much and nothing that can change its previous bullish tone. The common currency can't get a break, EUR/USD below 1.1800.
Little progress has made the GBP/USD pair, as an early peak was quickly reverted. BOE's members testified before the Parliament, offered no news.
The USD/JPY pair is little changed daily basis, as so do US Treasury yields. No big news ahead to rock the pair, set to extend its consolidative phase.
Bitcoin price analysis: BTC/USD butchers its way past key support areas; Frudstrat’s Tom Lee still believes Bitcoin will hit $25,000 by end year
Bitcoin price is continuing with its downtrend after it was unable to break past the resistance level at $8,600. The slide started during the Asian trading hours on Monday failed to find support at $8,500 and $8,400. Moreover, Bitcoin price has today rejected the support zone at $8,300, besides it has broken below $8,200 at the time of writing.
Ripple price analysis: XRP/USD flirting with key support zone, bears looking for breakthrough back to $0.50 region, as 2017 sell-off may not be over
The Ripple price is seen down again on Tuesday, some 2.7%, as the market bears remain in control of taking XRP/USD to the south. It has been a soft start to the week so far for much of the cryptocurrency market, after the bull run failed to sustain momentum.
DASH price analysis: DASH/USD exploring new lows in the wake of Coincheck’s delisting; eToro market analyst Mati Greenspan argues that DASH is “acutely undervalued”
DASH price has not been spared by the downside trend in the market. It is down 1.91% on the day, besides it is trading below $400. The cryptocurrency has broken below the support level at $380 and is now trading at $376.
Ethereum price analysis: ETH/USD vigilance as daily candlestick has pierced rising wedge pattern, a close below could be catastrophic, with $300 as a possibility
The Ethereum price on Tuesday is trading down 1.8%, as the market continues to bearish theme. Across the board, there appears to be little in the way of signs that the selling pressure will ease, with key levels being penetrated.
The Eurozone manufacturing PMI ticked up compared with the flash estimate in April, but still decelerated compared with March.
The UK construction PMI rebounded modestly in April after falling into the territory indicating economic contraction in March.
The first quarter Eurozone GDP decelerated from previous growth rate rising 0.4% over the quarter with the unemployment rate remaining steady at 8.5% in March.
The US private employment report from ADP is expected to see 200K new jobs added in April.
The US Federal Reserve is expected to hold the rates steady while accentuating the need for the gradual monetary policy normalization in light of recently rising inflation gauges like core PCE and the ISM prices paid.
US Federal Reserve monetary policy meeting next Wednesday, focus on the statement
It was a bad week for the common currency, piercing the critical 1.2100 threshold and reaching 1.2054 against the greenback, its lowest since January 12th. The dollar was the overall winner, in a combination of soaring yields and headlines indicating that political jitters are decreasing, pulling the risk-off factor out the equation.
After the EUR/USD plunged below 1.2000, it seems to be attempting a comeback. Will it succeed? The Technical Confluences Indicator shows that the pair faces a dense cluster of resistance lines on the way up. The 1.2010 level is the confluence of the Bolinger Band 15 minute Middle, the BB one-hour Middle, the Simple Moving Average-5-1hv, the Fibonacci 23.6% one-day, and more.
If a recovery pushes through this congestion area, the 1.2060 region is already packed with more substantial resistance levels: the SMA50-1h, the one-month low, the one-week low, the Pivot Point one-day R1, and more.
On the downside, the 1.1950 area is the confluence level of the Pivot Point one-day S1 and the Pivot Point one-month S1. Even lower, 1.1920 is the PP one-day S2.
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