EUR/USD keeps the range bound theme unchanged – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group now see EUR/USD navigating within the 1.0990-1.1170 range for the time being.

Key Quotes

24-hour view: “We highlighted yesterday that the ‘advance in EUR could extend above 1.1190 first before easing’. EUR subsequently rose to 1.1184 before staging a surprisingly sharp decline (low has been 1.1059). While the rapid drop appears to be running ahead of itself, EUR could decline further to 1.1035. The major support at 1.0990 is unlikely to come under threat. On the upside, a breach of 1.1125 (minor resistance is at 1.1100) would indicate the current downward pressure has eased.”

Next 1-3 weeks: “Two days ago (30 Mar, spot at 1.1085) we highlighted that the risk for EUR has shifted to the upside. We added, a clear break of 1.1140 could lead to EUR strengthening to 1.1190. As EUR rose, we highlighted yesterday (31 Mar, spot at 1.1155) that ‘if EUR breaks 1.1190, the chance for further EUR strength to 1.1240 would increase’. EUR did not break 1.1190 as it rose to 1.1184 before falling sharply to a low of 1.1059. While our ‘strong support’ level at 1.1055 is not breached, upward momentum has more or less dissipated. EUR appears to have moved into a consolidation phase and is likely to trade between 1.0990 and 1.1170 for now.”

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 hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.