EUR/USD Attempting a Recovery Wave, Bitcoin Price Spikes Above Resistance

EUR/USD Attempting a Recovery Wave, Bitcoin Price Spikes Above Resistance

The Euro has been experiencing a decline against the US Dollar, falling below the 1.0800 level. However, there are signs of a recovery wave as EUR/USD tests the 1.0720 zone. On the 4-hour chart, the pair has managed to climb above the 1.0750 resistance zone. This move is significant as it surpasses the 23.6% Fib retracement level of the recent downward move.

The bulls now face hurdles near the 1.0810 level which is close to the 50% Fib retracement level. Additionally, there is a significant obstacle at the 1.0830 level, marked by the 100 simple moving average (red, 4 hours). On the same chart, a major bearish trend line is forming with resistance at 1.0830. A breakthrough above this level could potentially open doors for more upsides.

If EUR/USD manages to surpass the aforementioned resistance levels, the next stop for the bulls might be at 1.0880 or the 200 simple moving average (green, 4 hours). Further gains might push the pair towards the 1.0920 level.

Immediate support for EUR/USD is expected near the 1.0765 level. However, the first major support lies at 1.0720. If the bearish momentum persists, the pair could potentially reach the next significant support level at 1.0685. Breaking below this level might trigger further bearish movements, with a revisit of the 1.0620 support.

Shifting attention to Bitcoin, the cryptocurrency has witnessed a strong increase above the $46,500 resistance zone. The bulls even managed to pump the price above $48,000, indicating a potential bullish trend.

Taking into account economic releases, there has been a speech by the Federal Reserve’s Kashkari. His insights and comments may have an impact on market sentiment and subsequent price movements.

The EUR/USD pair is currently attempting a recovery wave after testing the 1.0720 zone. While facing resistance levels at 1.0810 and 1.0830, a breakthrough could signal more upsides towards 1.0880 and 1.0920. On the downside, immediate support lies at 1.0765, followed by major support levels at 1.0720 and 1.0685. Bitcoin, on the other hand, has experienced a strong surge above resistance levels, suggesting a bullish trend. Market participants should also consider the impact of the Federal Reserve’s Kashkari speech on market sentiment and subsequent price actions.

Technical Analysis

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