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EUR/USD Struggle Continues, USD/CHF Shows Positive Signs EUR/USD is facing resistance near the 1.1350 and 1.1360 levels. USD/CHF is rising, but struggling to clear the 0.9225 resistance zone. Important Takeaways for EUR/USD and USD/CHF The Euro started an upside correction above the 1.1320 resistance zone against the US Dollar. There is a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD. USD/CHF gained pace after it cleared the 0.9200 resistance zone. There was a break above a key bearish trend line with resistance near 0.9192 on the hourly chart. EUR/USD Technical Analysis The Euro attempted an upside break above the 1.1400 level against the US Dollar. However, the EUR/USD pair failed to surpass 1.1400 and started a fresh decline. The recent high was formed near 1.1366 on FXOpen before the pair dipped. There was a move below the 1.1340 level. The pair even declined below the 50% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high. EUR/USD Hourly Chart It is now trading below the 1.1335 level and the 50 hourly simple moving average. On the downside, an immediate support is near the 1.1320 level. The 61.8% Fib retracement level of the upward move from the 1.1286 swing low to 1.1366 high is also near the 1.1320 zone. The next major support is near the 1.1285 level. A downside break below the 1.1285 support could start another decline. On the upside, an initial resistance is near the 1.1340 level. The next major resistance is near the 1.1350 zone. There is also a major bearish trend line with resistance near 1.1350 on the hourly chart of EUR/USD. A clear upside break above the 1.1350 zone could open the doors for a steady move. The next major resistance sits near the 1.1400 level. Read Full on FXOpen Company Blog...

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Close-Only Mode for All RUB Pairs Dear Traders, Due to the escalating Russia-Ukraine tensions, FXOpen has set trading on the Russian ruble pairs to Close-Only mode. The changes are already in effect. We are taking these steps to mitigate risks stemming from heightened volatility, price spikes, and price flow disruptions that may arise under the aforementioned circumstances. Please consider this information as you plan your trading. FXOpen Company News

BTCUSD and XRPUSD Technical Analysis – 22nd FEB 2022 BTCUSD: Bearish Engulfing Pattern Below $44,300 Bitcoin was unable to sustain its bullish momentum against the US dollar and started declining after touching a high of $44,740 on 16th February. The propagation of the bearish trend continues with the prices of bitcoin trading below the $37,000 mark in the European trading session today. The drop is due to the fresh concerns of the war between Russia and Ukraine, and the flight towards safe haven assets like the US dollar. We can clearly see a bearish engulfing pattern below the $44,300 handle, which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. The Stoch and Williams percent range are indicating OVERBOUGHT levels which means that in the immediate short-term, a decline in the prices is expected. The relative strength index is at 38 indicating a WEAKER demand for bitcoin at the current market levels. Bitcoin is now moving below its 100 hourly simple moving average, and below its 200 hourly exponential moving average. All of the major technical indicators are giving a STRONG SELL signal, and in the immediate short-term, we can expect targets of $35,000 and $33,000. The average true range is indicating a lesser market volatility with a strong bearish momentum. A bearish reversal below $44,300 is seen in bitcoin The Williams percent range is indicating OVERBOUGHT levels The price is now trading just below its pivot level of $36,876 All of the moving averages are giving a STRONG SELL market signal Bitcoin: Bearish Reversal Seen Below $44,300 Bitcoin continues to move in a strong bearish momentum following a baseline progression towards $37,000. In the immediate short-term we are expecting a range-bound movement for bitcoin between the levels of $36,000 and $37,500, as it is due to enter into a consolidation phase now. On-chain metrics are also indicating a bearish outlook for bitcoin, with many of the short-term holders liquidating their holdings. The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook is neutral; and the long-term outlook remains bullish. We have detected an MA 5 crossover pattern at the level of $36,792, which means that after touching these levels the prices of bitcoin are expected to bounce upwards, The price of BTCUSD is now facing its classic support level of $36,343, and Fibonacci support level of $36,736, after which the path towards $35,000 will get cleared. We can see that the daily RSI is also printing at 34 which indicates that in the medium-term prices are expected to decline further. In the last 24hrs BTCUSD has gone down by -6.33% by 2,488$, and has a 24hr trading volume of USD 32.682 billion. We can see an increase of 69.19% in the trading volume as compared to yesterday, due to increased selling pressure in the global cryptocurrency markets. The Week Ahead The prices of bitcoin are due to enter a consolidation phase above the level of $36,000. We can see some range-bound movement between $36,000 and $38,000. The price of bitcoin is still under pressure as the Russia-Ukraine crisis deepens. Both the short-term and the long-term holders of bitcoin are selling, which is pulling the price down. In the immediate short-term this week, bitcoin’s bearish momentum is expected to continue pushing its levels below the $36,000 handle. In the event of a pullback, the upside projection is at the 50-day SMA of $38,179. The price of BTCUSD will need to remain above the important support level of $35,000 this week. The weekly outlook is projected at $35,000 with a consolidation zone of $36,000. Technical Indicators: The relative strength index (14-day): at 34.53 indicating a SELL The average directional change (14-day): at 30.37 indicating a SELL The rate of price change: at -16.29 indicating a SELL The moving averages convergence divergence (12,26): at -807.20 indicating a SELL Read Full on FXOpen Company Blog...

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