Day: February 23, 2024
EUR/USD advanced slightly on Friday following a strong bearish backlash after the pair tested the horizontal resistance level on Thursday. Despite the intensive pullback, it managed to sustain pricing above 1.08, with technical indicators signaling a lack of significant bearish momentum. The reversal was instigated by a weakening US Dollar fueled by an improved risk […]
TitleEURGBP Day | Bullish breakout TypeBullish Breakout Preference:The price could break above the pivot at 0.8551, the overlap resistance. Then it could climb higher, reaching the 1st resistance at 0.8612, the overlap resistance that aligns with the 50% Fibonacci retracement. Alternative scenario:Price might fall to the 1st support at 0.85035, the multi-swing low support. To […]
Stocks Boosted by NVIDIA Results Risk assets are climbing today as markets enjoy fresh upside impetus on the back of a bumper set of results from chipmaker NVIDIA. The company topped both earnings and revenues forecasts yesterday, which were already set well above the prior quarter’s results. On the numbers front, NVIDIA posted Q4 EPS […]
TitleGBPUSD H4 | Bearish Drop TypeBearish Reversal Preference:Price is rising toward the pivot point of 1.2655, an overlap resistance. A reverse from this level could lead the price to fall to 1st support at 1.2607, an overlap support level. Alternative scenario: If price breaks above the pivot, it could rise to 1st resistance at 1.2698. […]
The EUR/USD pair continues to ride its winning streak, now extending for the seventh consecutive day, propelled by a weakening US Dollar in defiance of market expectations of sustained higher interest rates by the Federal Reserve. Despite the Fed’s resolute stance on maintaining the status quo in its latest meeting minutes, the greenback struggles to […]
TitleEURUSD H4 | Bearish reversal TypeBearish Reversal Preference:Price is rising toward the pivot point of 1.0851, a pullback resistance level. A reverse from this level could lead the price to fall to 1st support at 1.0796, the overlap support level. Alternative scenario:If price breaks above the pivot, it could rise to 1st resistance at 1.0902, […]
TitleEURGBP H4 | Bullish breakout TypeBullish Breakout Preference:The price is on an uptrend, it could continue to rise higher and breakout of pivot at 0.85701, the overlap resistance. Then it could rise to the 1st resistance at 0.86167, the overlap resistance. Alternative scenario:It might react off the pivot and fall to the 1st support at […]
Daily Market Outlook, February 22, 2024 Munnelly’s Market Minute… “Nvidia & The AI Tipping Point Sees Risk Sentiment Soar” Most markets in the Asian region saw gains, driven by the positive performance of US tech futures following NVIDIA’s blowout earnings referencing a tipping point in the global AI boom. The Nikkei 225 performed well, reaching […]
EURUSD, “Euro vs US Dollar” EURUSD is rising within a bullish channel. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.0805 is expected, followed by a rise to 1.0930. An additional signal confirming the rise might be a rebound from the lower boundary of […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF quotes have breached the 8/8 (0.8789) level on H4, exiting the overbought area. The RSI has broken the support line. In this situation, the price is expected to continue falling to the support at 6/8 (0.8667). The scenario could be cancelled by rising above the resistance at +1/8 […]