EUR/USD Below Support

The EUR/USD is trading below support in today's hours of the European session. Price reached 1.0879 as today's low so far and is now currently trading at 1.0890. With the US economy gaining strength, the momentum of the positive news on Friday is still being felt.

Technically speaking, we can expect 1.0840 to act as a first support due to prior pivot point being met. If this level is wiped, second support level is seen at 1.08 as a psychological support.

Major resistance that bulls have to take out is the level of 1.1050 which is the 200SMA and the lower trend line on the long-term ascending channel.

Chart: EUR/USD D1

Gold Close To Resistance

Gold is trading close to resistance in today's session due to both technicals and fundamentals impacting the price movement. As seen on the daily chart, the level of $1,255 is currently acting as a strong resistance and Gold has not yet been able to close above it.

Although, we have witnessed price piercing through resistance, until Gold closes above $1,255, we can expect bears to take control over the Gold market and pull price down to first level of support - $1,222. If this level is broken, second support is seen at $1,214.

As to bulls, their first target is $1,236, second level of resistance that should be taken down - $1,245.

Chart: XAU/USD D1

EUR/USD In a Tight Range

The EUR/USD is having a hard time deciding where to go from here. The pair is currently stuck between the 200SMA and the lower trend line which acts as a strong support.

The EUR/USD pierced the 200SMA and reached 1.1068 in today's early hours only to fall below the moving average and is currently trading at 1.1017.

Main trend still remains bullish, but in order for it to be confirmed we have to see price bouncing from current level and closing above 1.1060 until the end of the next week.

First major bullish target is 1.14, while first major bearish target is 1.08.

Chart: EUR/USD D1

USD/CAD Lower

The USD/CAD is trading slightly unchanged in today's trading session after it made a new low of 1.3516 yesterday. Next target for bears is the 200SMA level of 1.3270, while first target for bulls is to get above the downward channel and break 1.37.

In the long-term, the USD/CAD is trading in a bullish channel with currently bearish momentum driving prices further South. Major support is 1.3150, major resistance is 1.4560.

Shorts should hold until price breaks the tight short-term downward channel seen on daily or until price reaches the 200SMA and bounces off.

Chart: USD/CAD D1

GBP/CAD Significantly Lower

In today's early trading hours, the pair reached its lowest point since June 2015. GBP/CAD is trading at 1.9200, making a low of 1.9194. This level appears to be the major support for the pair as it has just broken the lower trendline on the daily chart.

It appears that price might attempt to go lower as bulls did not do enough to stop the price from breaching the support.

1.88 is the ideal target for bears, while getting back above 1.93 is the first target for bulls.

Chart: GBP/CAD D1

CHF/JPY At Support

The pair reached the support line yesterday and is now trading around the level of 112.60-112.75. The potentially buying zone would suggest that price is about to start rising as until now this level has provided the necessary support for the Swissie.

Below 111.50 CHF/JPY will have broken the trading channel and further depreciation could be expected. For now, first support level remains 111.90, while first resistance is 113.19.

Bulls' major target is the upper trend line at 115.40 which provides a strong resistance.

Chart: CHF/JPY D1

GBP/USD Double Bottom

The Sterling made a new low in today's trading session. The pair reached 1.4057, the lowest since March 2009. GBP/USD was quick to recover and is now trading at 1.4120-1.4125.

However, this might not be the end of the decline as the pair made a Double Bottom seen on H4 chart, but is close to visiting the support level of 1.35, the low of January 2009. 

Whatever it might be, now is a good opportunity to go long with a small position and hold it for weeks, even months. 

If you trade with a bigger position opened below 1.41, keep stops at 1.3978.

Chart: GBP/USD H4

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USD/JPY Slight Recovery

The pair made the biggest drop in the currency markets for February going from 121 to 110 in just 11 days. Since Feb 11, however, USD/JPY is on its way to recovery gaining some of what was lost to currently trade at 114-114.40.

Main trend still remains bearish with price well below the 200SMA. First level of support is 113 but the strongest level is the last low of 110.98. Bulls' first target is 116 but their strongest interest is to get back in the uptrend above 122.

With the last sharp decline it would be best to refrain from going long until we get a defined uptrend. Have in mind that bears are not yet satisfied as the 200SMA on the weekly chart falls on the 103 level.

Chart: USD/JPY D1

Oil Up 2%

Oil is trading 2% higher in today's session. Although this is not a significant gain, it is still indicative that price has not yet given up. Bulls are trying to recover from the recent low of $26 and managed to push price with more than $3 and Oil is currently trading at $29.65.

Next target for Bulls appears to be the $31.50 level. Have in mind that recent moves in Oil happened quickly and unexpectedly due to high volatility causing Bulls and Bears to act and react without reason.

To the downside, Bears' first target is the $27 level.

Chart: USOil D1

USD Rallies

USD had a good rally since the last high of 1.1377 against the Euro on Feb 11 and the EUR/USD is now trading at 1.1175. The resistance was met in the prior pivot point when the EUR/USD entered in uptrend on Mar 15 and stayed there until Oct 27.

Main trend remains bearish as traders and investors eye the next big data from the US scheduled for Friday. Although the pair is now trading above the 200SMA, a bullish movement is not yet probable as the US economy is growing strong and the Greenback is the preferred investment even before Gold, which succumbed below the $1,200 level today.

Chart: EUR/USD H4

Gold Prices Sink Below $1,200

Gold tumbled below the $1,200 level today as safe-haven buying in the precious metal dried up amid a recovery in global equity markets. Last Thursday, Gold made a year high of $1,263 boosted by a flight to safety. Today, Gold went to $1,190 as profit takers seemed satisfied with the last high.

Currently, Gold is trading at $1,214 which appears to be in the ascending channel seen best on the daily chart. Its massive rally does not seem to be over as we witnessed a very sharp recovery from the last low of $1,190.

Main trend remains bullish since $1,048, making Gold one of the best investments, already up 13% this year.

Chart: XAU/USD D1

Volatility in EUR/USD Continues

Financial markets can be surprising. Nothing is 100% sure even if the best experts and market analysts say it is. The EUR/USD made a strong move the upside by playing it cool and fooling investors it was ready to go down. Suddenly a spike to the upside made a high of 1.1355, highest since the beautiful harmonic pattern in mid-October.

Currently, a slight pullback drove prices around 1.1320-1.1330 but this might not be the end of the bullish run as bulls might attempt to push prices above first resistance found in 1.1350. As we saw earlier, price already visited this level and retreated. If this level is not broken then we can expect prices to fall below 1.1240.

Have in mind that tomorrow we have important data from both the EU and the US and these news are going to impact the pair.

Chart: EUR/USD H4

Gold Uplifted

Gold is trading heavily to the upside in today's early hours. Today's high of $1,220 is the highest for the year and investors are worried that they have missed their chance to jump on the Gold bandwagon.

As we can see on the daily chart, prices have already broken the declining trading range and are way above the descending channel.

Although it may be too late, there will be other opportunities as we are now expecting the correction movement which might come at the first resistance level of $1,233.

Chart: XAU/USD D1

NZD/USD Declines

The pair is trading lower in today's early hours. The high of 0.6752 made on Friday acted as strong resistance and bears did not miss the opportunity to join the ride. Currently, NZD/USD is trading at 0.6594, with a low of 0.6575.

If the resistance level holds the pair then we might expect a decline to first support level of 0.6520. If this level is breached, then the way South becomes a big possibility.

However, have in mind that these levels (0.60-0.65) are the lowest since mid-2009 and strong buying might we waiting at hand.

Chart: NZD/USD D1

EUR/JPY The Beginning of The Uptrend?

EUR/JPY is trading at resistance at current market price (128.95). Traders and investors are now facing the question whether this level would hold and provide a stable support or the EUR/JPY pair will succumb below 128 and beyond.

Although the pair is in sharp downtrend for weeks, the 128 level has been tested and has provided the necessary support for the pair.

Keep your stops around the 127 level. Have in mind that price might attempt to visit the 128 level again before heading north.

Chart: EUR/JPY D1

EUR/USD Posts New Losses

The pair witnessed some insecure buying in the early hours of today's session. Fortunately for Dollar bulls, this gain proved to be short-lived and the pair is now below opening price currently trading at 1.1088.

Although the trend is now bearish, the EUR/USD is above the 200SMA which indicates a bullish market. A dip below 1.1052 will put the pair again under the 200SMA and the bearish trend can be expected.

First level of resistance - 1.1130
First level of support - 1.1068

Chart: EUR/USD D1

EUR/USD Weekly Outlook

EUR/USD was one of the most traded instruments for the past week. 1.0814 to 1.1247 and a close of 1.1156 is volatility we do not see every week.

We can conclude several things from last week's EUR/USD move:

Euro bulls are trying to sustain the momentum since the beginning of December with their latest strong move on Wednesday and Thursday.
Dollar bulls are getting excited about the latest positive US data announced on Friday and gave a good push to the downside.

Technically, the EUR/USD is not yet ready to end the downfall. Although we are a bit above the downtrend channel, the US dollar has not yet given up.

Last high (1.1247) remains the first resistance level, while last low (1.1108) remains the first support level.

Fundamentally, next week we do not have any high impact news until Friday when we get the German and the Euro-zone GDP and also the US Advance Retail Sales.

Charts: EUR/USD W1, EUR/USD D1

EUR/USD After NFP's

The EUR/USD is not so excited about the latest NFP data. Here is the report:

USD Average Hourly Earnings (YoY) (JAN): 2.5% actual vs 2.2% estimate, prior revised up to 2.7%.

USD Unemployment Rate (JAN): 4.9% actual vs 5.0% estimate, 5.0% prior.

USD Change in Non-farm Payrolls (JAN): 151k actual vs 190k estimate, prior revised down to 262k.

#NFP prints at 151K vs Expected 190K - Previously 292K- Unemployment 4.9%

Initial reaction resulted in some 50 pips gain for the Euro, only to falter and succumb below prior-to-release level of 1.1205. The EUR/USD is currently trading at 1.1165 but there's plenty of room for the pair to go. 

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Gold Trading in the Resistance Zone

The precious metal saw some safe haven buying today and barely touched the resistance line visible best on the H4 chart. Gold rose to $1,128.72 - enough to activate bearish selling and is currently trading at $1,125.xx. Price is still in the bullish channel on the long-term.

A possible correction could be expected in the near-term if Gold remains in the upward channel. If price breaks the level of $1,130 then this could indicate that Gold is ready to take it to the next level, i.e. $1,150.

On the other hand, a pullback towards the level of $1,090 is surely looking like a good deal to bears.

Chart: XAU/USD H4

GBP/USD Confused

The pair is trading in a very tight range as each new day is a challenge for the other camp. Bears and Bulls are having a tough fight as they try to push price into their preferred direction. In the last five days price has been reacting to buying and selling just enough to keep in the zone of 1.4380 as an upper line and 1.4220 as a lower line.

Trend still remains heavily to the downside in the long term and it would take a lot of buying to make bears give up. Currently, price is 1.4358 with a high for the day of 1.4378 and a low of 1.4227.

First resistance is 1.44, first support is 1.42.

Chart: GBP/USD D1