-
EURUSD slows pace after a quick bounce to 1.1135.
-
Short-term trendline in focus; technical bias remains positive.
-
US retail sales due at 12:30 GMT.
EURUSD started the week on the right foot, finishing Monday’s session comfortably higher, though around the short-term resistance trendline at 1.1136, which poses a risk.
The pair is currently lacking momentum, but the bulls are still in town according to the technical indicators. Hence, a close above 1.1135 could stage a new bull run towards the August peak of 1.1200, while a more exciting rally could target the upper band of the upward-sloping channel at 1.1275. Strikingly, the latter overlaps with the 61.8% Fibonacci retracement of the 2021-2022 downtrend, a break of which could see a continuation towards the 161.8% Fibonacci extension of the latest bearish wave at 1.1325.
In the event the price slips below its 20-day simple moving average (SMA) at 1.1090, it could once again find support near the 1.1000 round-level. The 50-day SMA could come next into view near 1.0980, while the 1.0900-1.0940 zone might attract greater attention as the channel’s lower boundary, a long -term descending trendline, and the 50% Fibonacci mark are within the neighborhood.
To summarize, although EURUSD is encountering a fresh barrier around the 1.1135 region following a swift bounce back, bullish sentiment remains intact.
Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.
Recommended Content
Editors’ Picks
EUR/USD holds comfortably above 1.1100 after German sentiment data
EUR/USD stays in daily range above 1.1100 in the European session on Tuesday. The data from Germany showed that the ZEW Survey - Economic Sentiment slumped to 3.6 in September from 19.2 in August, making it difficult for the Euro to gather strength.
GBP/USD stays firm above 1.3200, US data eyed
GBP/USD is holding small gains above 1.3200 in the European session on Tuesday. Rising bets for a 50 bps Fed rate cut keep the US Dollar on the defensive and support the pair. Traders now look to the US Retail Sales to grab short-term opportunities later this Tuesday.
Gold slumbers in $2,580s ahead of US data, Fed decision
Gold (XAU/USD) plateaus in the $2,580s on Tuesday, ahead of the release of potentially market-moving US data later in the day and the Federal Reserve (Fed) meeting on Wednesday.
Canada CPI expected to show disinflationary trend extended into July
The Canadian Consumer Price Index is expected to lose further traction in August. The Bank of Canada has reduced its policy rate by 75 bps so far this year. The Canadian Dollar seems to have embarked on a consolidative phase.
Bitcoin approaches its $56,000 support level
Bitcoin is approaching a crucial daily support level of $56,000, hinting at a possible recovery. Ethereum faced rejection from the resistance level, suggesting a downward trend with weak momentum. In contrast, Ripple has bounced above the 100-day EMA, indicating a continued upward trend.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.