Tag Archives: currencies

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February 24, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

On December 30, a bearish ABC reversal pattern was initiated around 1.1235 (Previous Key-zone) just before another bearish movement could take place towards 1.1100 (In the meanwhile, the EURUSD pair was losing much of its bearish momentum).One more bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located. That’s why, quick bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.Further bearish decline took place towards 1.1000 where the pair looked quite oversold around the lower limit of the depicted bearish channel where significant bullish rejection was able to push the pair back towards the nearest SUPPLY levels around 1.1080-1.1100 (confluence of supply levels (including the upper limit of the channel).Since then, the pair has been down-trending within the depicted bearish channel until last week when bearish decline went further below 1.0950 and 1.0910 (Fibonacci Expansion levels 78.6% and 100%) establishing a new low around 1.0790.Currently, the EUR/USD pair looks quite oversold after such a long bearish decline and if bullish recovery is expressed above 1.0845-1.0860, further bullish advancement would be expected towards 1.0910 then 1.0950.Intraday traders were advised to look for signs of…

Gold Prices Rally On Safe-haven Buying

Gold prices rose over 2 percent on Monday as the spread of the coronavirus outside China deepened worries about a hit to global growth. Spot gold climbed 2.4 percent to $1,682.46 per ounce, while U.S. gold futures were up 2.2 percent at $1,684.85. The virus has now killed 2,592 people in China, which has reported 77,150 cases. The rapid spread of the deadly virus in several countries outside China left investors concerned about a hit to demand. South Korea raised its coronavirus alert to the “highest level” for the first time in a decade, following a rapid spike in cases over the weekend. The total number of cases so far in the country total about 763. Italy’s sovereign bonds dropped as the country became Europe’s epicenter for virus cases over the weekend. Iran has confirmed 43 cases and eight deaths, with most of the infections in the Shi’ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic. The World Health Organization said it is worried about the growing number of cases without any clear link to China. The material has been provided by InstaForex Company – www.instaforex.com…

Czech Producer Price Inflation Increases In January

Czech Republic’s producer price inflation rose more-than-expected in January, figures from the Czech Statistical Office showed on Monday. The producer price index increased 2.4 percent year-on-year in January, following a 2.1 percent rise in December. Economists had expected a 1.6 percent rise. Prices for electricity, gas, steam and air condition grew 9.3 percent annually in January. Prices for water supply and manufacturing products rose by 5.4 percent and 1.2 percent, respectively. Meanwhile, prices for mining and quarrying decreased 2.1 percent. On a monthly basis, producer prices rose 1.3 percent in January. The material has been provided by InstaForex Company – www.instaforex.com…

Euro Little Changed After German Ifo Business Confidence

At 4:00 am ET Monday, German Ifo business confidence for February has been released. The euro changed little against its major rivals after the data. The euro was trading at 1.0829 against the greenback, 120.65 against the yen, 1.0610 against the franc and 0.8382 against the pound around 4:01 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Gold 02.24.2020 – Pitchfork Warning line 2 is on the test at $1.685, watch for potential selling divergence on 4H time-frame

Technical analysis:Gold has been trading upwards. After the breakout of our Pitchfork Warning line 1 at $1.652, price went to test Warning line 2 at $1.685 as we expected.I would watch for selling opportunities in case of the bearish divergence on the hourly or 4H time-frame or any topping pattern with the target at the price of $1.660. Anyway, in case of the bigger breakout of the $1.685, there is potential for test of WR3 at $1.700. MACD oscillator is showing increased momentum on the upside. Resistance levels are set at the price of $1.689 and $1.700Support levels are set at the price of $1.680 and $1.660.\The material has been provided by InstaForex Company – www.instaforex.com…

Trading plan for GBPUSD for February 24, 2020

Technical outlook:
GBPUSD might have formed a bottom at 1.2850 level on Friday, or could form another low around 1.2550/1.2750 before resuming its rally. Please note that the corrective drop from 1.3515 level is stalling at the previous support level around 1.2830/50 and could produce a bullish reversal. In case of a break above 1.3070 resistance, the pair will form the bottom. If it fails, prices may lower to the next support zone which is a confluence of Fibonacci 0.618 retracement of previous rally and the resistance level around 1.2830/50. Please note that the overall bullish structure remains intact for GBPUSD and that a rally towards 1.4200/4400 is expected to resume any moment. It is good to buy closer to Friday’s low, and add further on dips with a risk below 1.1950 level. It remains to be seen where a bottom is formed.
Trading plan:
Remain partially long @ 1.2900 and add further @ 1.2550/1.2750, stop @ 1.1950 and target is 1.4200
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis of EUR/USD for February 24, 2020

Overview: Pivot point: 1.0835.The EUR/USD pair continues to move downwards from the level of 1.0835. Ranging between the levels of 1.0869 and 1.0778.Last week, the pair dropped from the level of 1.0835 to the bottom around 1.0778. But the pair has rebounded from the bottom of 1.0778 to close at 1.0791. Today, the first support level is seen at 1.0778, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.0835, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.0778, the market will decline further to 1.0735 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.0835 with the first target at 1.0735 and further to 1.0704. On the other hand, stop loss is to be placed above the level of 1.0869.The material has been provided by InstaForex…