- BITCOIN returns above $10000
- DE30 enjoys new records
- EURUSD bounced off after reaching 2019 lows
EURUSD
EURUSD has a poor start to the year. The pair has been trading in a downward move since the beginning of January. However, buyers managed to halt declines in a critical spot. The pair bounced off the key support at 2019 lows yesterday. Additionally, the bullish candlestick signal (hammer) appeared on the chart which may herald a bigger upward correction. However one should remember that a break below 1.09 handle could pave the way for a bigger decline. In such a scenario the 1.0785 handle will be the nearest support to watch.
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EURUSD D1 interval. Source: xStation5
DE30
The German index enjoys strong gains this week. DAX is trading at a fresh ATH today. The ongoing upward impulse is a part of the long-term upward trend started at the end of 2018. DE30 is trading at the upper limit of the upward channel today and it may provide an opportunity for sellers. Note that previous tests of this line have seen price turn lower. However, as long as the price remains above the 13600 pts handle, the buyers are at advantage.
DE30 W1 interval. Source: xStation5
BITCOIN
The technical situation on the cryptocurrency market is also worth paying attention to. Cryptocurrency investors launched new year in upbeat moods. The main cryptocurrency - Bitcoin broke above the psychological $10k barrier. As long as the price sits above it, the upward move is the base case scenario. The nearest resistance to watch is $11k handle as the level is marked with the 61.8% Fibonacci retracement of the recent downward move. Sell signal would appear once the price breaks below the local upward channel.
Bitcoin D1 interval. Source: xStation5
