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LTC and EOS – Looking for support LTC/USD The price of Litecoin has been on the rise since the start of the month and came up from $154 to $197.24 at its highest point so far which was an increase of 28%. Since yesterday’s high we have seen a pullback to the $182 level above which it is currently being traded. On the hourly chart, you can see that the price of Litecoin is making an interaction with the 0.5 Fib level measured from the 27th of January until the 20th of February which was the five-wave impulse to the upside that developed after a prolonged correction in January. The price made another minor breakout from the start of March from the descending trendline and is now inside another ascending channel. If the previous upside impulse was the next five-wave impulse to the upside, the price has made a corrective decrease afterward. This would bring the current rise as the next sub-wave of the upward impusle that is set to exceed February’s high of $246. But another possibility could be that the higher degree impulse ended in February with the seen five-wave move in which case the currently seen rise is the 2nd sub-wave of the higher degree correction. This is why now depending on the wave structure behind the move we are going to see which scenario is in play. If the price makes another three-wave move it would mean that the rise since the start of the month is corrective, but if it continues moving to the upside in a five-wave manner that would be an early indication that we are going to see a further uptrend continuation and new yearly highs for the price of Litecoin above the February’s one. Read Full on FXOpen Company Blog...

EUR/USD Facing Hurdles, USD/JPY Gains Bullish Momentum EUR/USD declined towards 1.2000 before recovering higher. USD/JPY is following a strong uptrend and it even broke the 106.50 resistance zone. Important Takeaways for EUR/USD and USD/JPY The Euro tested the 1.2000 support zone and it is now recovering higher. There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD. USD/JPY climbed above the 106.00 and 106.50 resistance levels. There is a major bullish trend line forming with support at 106.70 on the hourly chart. EUR/USD Technical Analysis This past week, the Euro topped near the 1.2245 before starting a fresh decline against the US Dollar. The EUR/USD pair broke the 1.2150 and 1.2120 support levels to move into a bearish zone. The pair even broke the 1.2080 support level and the 50 hourly simple moving average. Finally, there was a spike below the 1.2000 support and the pair traded as low as 1.1991 on FXOpen. Recently, the pair started an upside correction above 1.2020. There was a break above a steep bearish trend line with resistance near 1.2020 on the hourly chart of EUR/USD. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low. It is now trading above the 1.2060 level and the 50 hourly simple moving average. An immediate resistance is near the 1.2100 level. The first key resistance is near the 1.2120 level. It is close to the 50% Fib retracement level of the downward move from the 1.2245 swing high to 1.1991 low. A clear break above the 1.2100 and 1.2120 levels could open the doors for a move towards the 1.2200 level. Conversely, the pair could start a fresh decline below the 1.2060 support. The first major support is near the 1.2050 level and the 50 hourly simple moving average. If there is a downside break below the 50 hourly simple moving average, the pair could dive towards the 1.2000 support in the near term. Any more losses might call for a retest of the 1.1965 support level. Read Full on FXOpen Company Blog...

BTC and XRP – Breakout seen but first resistance encountered BTC/USD From Sunday’s low at around $43,070, the price of Bitcoin came up $49,579 at its highest point today which was a recovery of 15%. Since today’s high, we have seen a minor pullback but the price is still in an upward trajectory overall. This recovery of 15% was a breakout from the descending triangle that formed from the 25th of February and was the 3rd sub-wave from the correctional move that started on the 21st. The price found support on the 0.5 Fib level on Sunday which led to the price increase and ultimately to a breakout but now new resistance has been encountered above the prior local high at the significant horizontal level. We could have seen the completion of the 4th corrective wave from the higher degree count with the wave structure implying that the descending triangle from which it broke was the C wave from the lower degree count. If this is true, then the current rise is the next starting impulse that is going to push the price of Bitcoin above its prior all-time high onto the next one. But first, there must be a validation which would come in a form of a breakout from the currently interacted horizontal resistance level. This is why now the pullback might continue to the 0.382 Fib level where if the price finds support, further uptrend continuation would be expected. Read Full on FXOpen Company Blog...

Rising Yields Spark Dollar’s Rally Financial market participants were taken by surprise last week. The US dollar, on a steady decline since April of last year, has pared losses and started to rally. It gained across the board, trading higher against the euro, the pound, or the Australian dollar. The move higher in the dollar comes against all forecasts at the end of last year. Investment banks across the world forecasted a lower dollar to be the theme for the entire 2021, but that trend lasted only for the first two months of the year. The move higher in the dollar was sparked by a dramatic increase in the US 10y yields. The Treasury yield is already at the end-2021 forecast, with only two months ended in the trading year. Higher Yields, Higher Dollar The rising yields pose a threat to the reflation theme and the risk-on environment. Whenever yields are rising, the rise brings an unwanted tightening in financial conditions. At this point, investors are speculating that the tightening of financial conditions during a pandemic will trigger more action from some central banks. However, the Fed looks trapped due to higher inflation and the Treasury issuance plan. Therefore, the chances are that other central banks, in particular the ECB and the RBA, will likely ease, further fueling the move higher in the dollar. The EURUSD and the AUDUSD pairs lows over two big figures last week, and the trend lower continues. At the time of writing this article, the EURUSD traded close to 1.20, after only last Thursday it was as high as 1.2240. The move lower is almost vertical, and the same is seen on the AUDUSD pair. In other words, this is a higher dollar move triggered by financial tightening and the risk-on environment changed. Should we see, yields continuing to rise, the dollar’s strength will continue as well. This is the NFP week, and trading is tricky until the jobs data is released next Friday. However, this time the release may not be so relevant for markets unless the yields give away some of the recent games. Also, investors will focus on what the RBA will do tomorrow, as well as the signals from the ECB. Any signs of further easing should trigger a new leg lower in the EURUSD and AUDUSD pairs. FXOpen Blog

GBP/USD and EUR/GBP: British Pound Corrects Gains GBP/USD rallied above the 1.4200 level before correcting lower. EUR/GBP is declining, but it is might find bids near the 0.8635 zone in the near term. Important Takeaways for GBP/USD and EUR/GBP The British Pound surged above the 1.4200 level and recently corrected lower. There was a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD. EUR/GBP climbed above the 0.8700 level before it faced sellers and corrected lower. There was a break below a key bullish trend line with support near 0.8660 on the hourly chart. GBP/USD Technical Analysis After a successful close above the 1.4000 level, the British Pound started a strong increase against the US Dollar. The GBP/USD pair a few key hurdles near 1.4080 and 1.4100 to move further into a positive zone. The pair climbed above the 1.4200 level and traded close to 1.4240 on FXOpen. Recently, there was a downside correction, and the pair declined below the 1.4100 support zone and the 50 hourly simple moving average. There was also a break below a major bullish trend line with support at 1.4140 on the hourly chart of GBP/USD. The pair even broke the 1.4000 support and traded as low as 1.3887. It is currently consolidating and trading above the 1.3950 level. There was a break above the 23.6% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low. The first major resistance on the upside is near the 1.4040 level and the 50 hourly simple moving average. The 50% Fib retracement level of the downward move from the 1.4181 high to 1.3887 low is also near the 1.4040 level. A successful break above the 1.4040 level and the 50 hourly SMA could open the doors for a fresh increase. In the stated case, the pair could revisit the 1.4150 level. On the downside, the 1.3950 level is a decent support. The next major support sits near the 1.3900 level, below which the pair could slide towards the 1.3820 level. Read Full on FXOpen Company Blog...

EUR/JPY and GBP/JPY Approaching Important Supports The Euro and British Pound started a steady increase in the past few days against the Japanese Yen. Both EUR/JPY and GBP/JPY are correcting gains, but approaching important supports. Important Takeaways for EUR/JPY and GBP/JPY The Euro gained pace above 129.00 before correcting lower against the Japanese Yen. There was a break below a connecting bullish trend line with support at 129.10 on the hourly chart of EUR/JPY. GBP/JPY spiked above the main 150.00 resistance before correcting lower. There was a break below a major bullish trend line with support at 148.75 on the hourly chart. EUR/JPY Technical Analysis After forming a base above the 127.50 level, the Euro started a steady increase against the Japanese Yen. The EUR/JPY pair broke many hurdles near the 128.50 level to move into a positive zone. There was also a break above a key contracting triangle with resistance near 128.00 on the hourly chart of EUR/JPY. The pair surged above the 129.00 level and the 50 hourly simple moving average. It traded to a new monthly high at 129.97 on FXOpen and it is currently correcting gains. There was a break below the 129.50 support. The pair broke the 38.2% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high. There was also a break below a connecting bullish trend line with support at 129.10 on the same chart. The pair is now approaching the 128.80 support level and the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the 127.70 swing low to 129.97 high is also near the 128.82 level. If there is a downside break below the 128.80 support, the pair could continue to move down towards the 128.40 support. Conversely, it might start a fresh increase from 128.80. An initial resistance on the upside is near the 129.20 level. The main resistance sits at 129.50, above which the pair could rise towards the 130.00 level. Read Full on FXOpen Company Blog...

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LTC and EOS – Further downside more likely LTC/USD The price of Litecoin has been in a decline from Saturday’s high when it came up to $247. From there we have seen a downfall of 35.8% measured to its lowest point of the week made on Tuesday at $158.56. We have seen a minor recovery as the price made a rise to the $190 area but has since pulled back again and is currently sitting just below $180. Looking at the hourly chart, you can see that the price of Litecoin has fallen back to the 0.236 Fib level which was the horizontal resistance point of the prior high made on the 10th of January. It dipped below it which could serve as an early indication that the previous uptrend ended, but it managed to go back above it and is currently testing it for support. If the support gets validated at these levels we could see further uptrend continuation of the impulse wave that started on the 27th of January. However, if the price continues moving to the downside again and makes it into the lower range it would be a stronger indication that the price of Litecoin has ended its previous impulsive move and is now headed towards a correction of the higher degree out of which the downfall from last Saturday was only its 1st sub-wave. Read Full on FXOpen Company Blog...

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EUR/USD and USD/CHF Showing Signs of More Upsides EUR/USD settled above 1.2100 and it is now facing hurdles near 1.2200. USD/CHF is rising and it is likely to accelerate higher above 0.9065. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh increase above the 1.2100 and 1.2120 resistance levels against the US Dollar. There is a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. USD/CHF started a steady increase and climbed above the 0.9000 resistance zone. There was a break above a major rising channel with resistance near 0.9045 on the hourly chart. EUR/USD Technical Analysis The Euro remained stable above the 1.2000 support and it started a fresh increase against the US Dollar. The EUR/USD pair broke the 1.2100 and 1.2120 resistance levels to move into a positive zone. The pair even broke the 1.2150 resistance and settled above the 50 hourly simple moving average. It traded as high as 1.2179 on FXOpen and it is currently consolidating gains. It corrected below 23.6% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high. However, the pair found a strong support near the 1.2135 level. It coincides with the 50% Fib retracement level of the recent wave from the 1.2091 low to 1.2179 high. There is also a key bullish trend line forming with support near 1.2140 on the hourly chart of EUR/USD. The pair is now trading nicely above 1.2140 and the 50 hourly simple moving average. If there is a downside break below the trend line support, there could be a sharp decline below 1.2120. The next key support is near the 1.2100 level, below which EUR/USD could decline towards the 1.2040 support. Conversely, the pair could rise further above 1.2180. A successful break above the 1.2180 and 1.2200 resistance levels could lead the pair towards the 1.2250 and 1.2280 levels in the near term. Read Full on FXOpen Company Blog...

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