EURUSD
Let’s start today’s analysis with EURUSD. The pair remains stuck within a range between 1.0780 -1.0970. Looking at the D1 interval, one can see that EURUSD bounced off the support (1.0780) once again today. Should the pair remain above it, the move towards the resistance at 1.0970 is possible. If the upward move accelerates, and buyers will manage to break above, then the area at 1.1150 will be the next resistance zone to look for. On the other hand, should the pair break below aforementioned support at 1.0780, the YTD lows at 1.0640 may be at risk.
EURUSD D1 interval. Source: xStation
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The gold market has been trading upward recently. Nevertheless, the price of this precious metal failed to break above the fresh YTD high and pulled back from the resistance at $1742. For now one can see that gold is trading in local consolidation zone.The key support can be found at the $1670, where the lower limit of Overbalance structure is located. As long as the price sits above it, the continuation of an upward trend remain a base case scenario. But in case a break lower occurs, then buyers should focus on the $1643 pts handle, where the upward sequence can be found. However traders should be aware that breaking below $1643 level, could switch sentiment into bearish and may trigger a bigger downward move.
GOLD D1 interval. Source: xStation5
Bitcoin
Finally, let’s take a look at the technical situation on Bitcoin. Looking at H4 interval, one can see that BTC is trading in an upward trend but the recent bullish move was halted at the key resistance at round $10000 handle. However the current downward correction also reached an important support mark with the lower limit of Overbalance structure and the lower limit of upward channel. Therefore on one hand, the main trend remains upward, but on the second hand bigger downward correction may occur. The $8353 handle is now the key support level. As long as the price sits above it, the continuation of upward movement is possible, however break below it could pave a way for bigger declines. In this case the next support to watch for is located at $6635.
BITCOIN H4 interval. Source: xStation5
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