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2 Aug 2021

EUR/USD Price Analysis: Portrays bearish set-up on D1 below 1.1900

  • EUR/USD pulls back from monthly top, struggles to extend biggest weekly gains since May.
  • Bearish cross, spinning top need validation from MACD.
  • 1.1920 becomes the key hurdle to the north, bears may eye for July low ahead of yearly bottom.

EUR/USD edges lower around 1.1870 amid a quiet start to the week’s Asian session trading on Monday. The major currency pair snapped a four-day uptrend on Friday, posting the bearish spinning top candlestick.

The candle formation also gains support from a bearish cross of the 200-day EMA over 50-day EMA, suggesting further weakness of the quote. However, MACD flashes bullish signals and hence the pair bears are waiting for a clear signal.

As 1.1830 offers immediate support to the quote, a downside break of which will direct EUR/USD towards the previous month’s low near 1.1750 and firm-up bearish bias.

Following that, the yearly low near 1.1700 and November 2020 bottom surrounding 1.1600 will be in focus.

Alternatively, a confluence of the stated EMA and 61.8% Fibonacci retracement of March-May upside near 1.1920 will shrug off the bearish signals and pushing the EUR/USD prices towards late June’s swing high surrounding 1.1975.

It should be noted, however, that a clear upside break of 1.1975 needs validation from March’s top and May’s low around 1.1990, as well as the 1.2000 psychological magnet to convince the pair buyers.

EUR/USD: Daily chart

Trend: Bearish 

 

Aug 2, 2021

NZD/USD: Kick-starts August on a back foot below 0.7000, Aussie, China catalysts eyed

NZD/USD keeps controls around 0.6965, after Friday’s closing joined multi-day-old grind to the south, amid early Monday morning in Asia. Although no m
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Aug 2, 2021

USD/JPY eyes 110.00 as USD rebounds ahead of US PMI data

The buying interest in the US dollar keeps USD/JPY higher on Monday in the Asian session. The pair makes a consolidative move in a narrow trading band
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