EUR/USD recently saw a correction from the 1.0950 level against the US Dollar. The pair dipped below 1.0900 before finding support near 1.0825. On the 4-hour chart, EUR/USD managed to remain above the 200 simple moving average which was a positive sign for the bulls. After hitting a low at 1.0825, the pair started to rise again. A significant breakthrough occurred when a bearish trend line with resistance at 1.0860 was cleared, indicating the potential for further upside movement. Furthermore, EUR/USD climbed above the 100 simple moving average and is currently testing the 38.2% Fibonacci retracement level. The immediate resistance is at 1.0875, followed by 1.0900 and 1.0920. However, a break below 1.0820 could lead to more losses, potentially targeting the 1.0750 level.
Meanwhile, the focus is on crude oil prices which are expected to continue their downward trajectory towards $75.00. The ongoing bearish trend in the oil market is influenced by various factors including global economic uncertainty, supply-demand dynamics, and geopolitical tensions. Traders and investors are closely monitoring the situation and assessing the impact on energy markets. It will be crucial to observe any developments in crude oil prices and related news that could potentially influence market sentiment.
In the cryptocurrency space, Bitcoin has been gaining momentum and is approaching the key resistance level of $70,000. The bulls have taken control, pushing the price higher and aiming for a breakout above the psychological barrier. Traders are keeping a close eye on Bitcoin’s price action and the overall market sentiment to gauge the potential for further upside movement. The $70,000 level will be a critical point to watch as it could pave the way for a significant rally or a possible pullback.
On the economic front, the Dallas Fed Manufacturing Business Index for July 2024 is forecasted to be -15.0, slightly above the previous reading of -15.1. This data release could have implications for the US economy and financial markets, providing insights into the manufacturing sector’s performance. Traders and analysts will interpret the numbers and assess the potential impact on market sentiment. It will be interesting to see how the market reacts to the economic release and whether it influences trading decisions in the short term.
The latest market analysis highlights the key developments in EUR/USD, crude oil prices, Bitcoin, and economic releases. Traders and investors are closely monitoring these factors to make informed decisions and navigate the dynamic environment of financial markets. It will be essential to stay updated on market trends, analyze price movements, and consider various factors that could impact trading strategies in the current market conditions.