EURUSD unable to break above 1.19

EURUSD unable to break above 1.19

The EURUSD has rejected the 1.1900-1.1920 zone at least 4 times in the past 2 months giving us the opportunity to sell at the top of the range whilst the DXY is bottoming around the 92.20 mark.

We are not forecasting a strong US Dollar in the  immediate future, but technically speaking we’re seeing an exhaustion of the bearish pressure we’ve had since March-April.

 

The last time the Euro traded at these levels against the US Dollar was back in May 2018 when the EURO started its downfall of -15% against the USD going from the highs around 1.26 in January 2018 to the lows around 1.06 in March 2020.

This is a big zone and it weighs heavy on the EURO. We anticipate  a dip to at least the bottom of the range. This move would be triggered by a USD recovery rally to previous lows.

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The US Dollar aiming for a short term recovery

The US Dollar aiming for a short term recovery

Fundamentally speaking we are very bearish on the USD and have been since March-April 2020 when the Coronavirus pandemic pushed global Central Banks to increase their asset purchasing program and their balance sheet to new all time highs. This massive round of Quantitative Easing has weighted heavy on the US Dollar which has devaluated by around 10% since its peak in March.

Having said that we are looking at a possibility of a short term rally in the US Dollar. Technically speaking the DXY (US Dollar Index) is bottoming around the 92.00 mark and has been trading in a range since late August. US Unemployment Claims and Philly Fed Manufacturing Index are key today.

Unemployment Claims have stabilized at around 700k per week after the big spike on the pandemic lockdown (6M+) so our eyes are on the Philly Fed Manufacturing Index which is a gauge to how well the economic activity is doing.

Last month the Philly Fed Manufacturing Index surprised the market beating expectations by double  (32.3) and today it also beat expectations (26.3 vs 22.0) but came lower than last month’s number. The overall reaction seems to be neutral but we have to wait until the New York open to see the US volume in.

 

 

If we look at the DXY chart we can clearly see a higher probability of a short term rally in the US Dollar from the bottom of the range. Our validation level is the 92.70 mark at which point the reversal pattern would be broken with and a possible short term rally triggered.

Heads up to this week’s highs around the 93.20 level for some possible resistance. One of the best scenarios to play this USD strength would be short the NZDUSD.

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Ethereum (ETH) Price Analysis: ETH Slumps to $454 Support, Resumes Fluctuation Between $454 and $463

Ethereum (ETH) Price Analysis: ETH Slumps to $454 Support, Resumes Fluctuation Between $454 and $463

Key Highlights
In the last 24 hours, Ether faced another rejection at $480
The biggest altcoin in a tight consolidation between $454 and $463

Ethereum (ETH) Current Statistics
The current price: $456.27
Market Capitalization: $51,757,559,091
Trading Volume: $10,487,601,167
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 15, 2020
Yesterday, Ethereum bulls retested the $480 resistance zone but were repelled. Ether plunged to the low at $254 and the price was corrected upward. ETH price fell and found support above $450 indicates the resumption of upside momentum.

However, if the bears have broken below the $450 support, the upside momentum would have been invalidated. This has been the market scenario since November 11. For the past 24hours, the price movement has been restricted between $454 and $463. Buyers will have to break the minor resistance of $463 before retesting the $480 overhead resistance. Similarly, a break below $454 will compel the coin to drop to $409 low.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether price breaks below the resistance line of the ascending channel. If the price breaks the $450 support, the selling pressure will continue. Today, ETH is above the 80% range of the daily stochastic. We have seen the emergence of sellers in the overbought region of the market. Selling pressure is ongoing.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum upward move is facing rejection at the $480 resistance. Nonetheless, if this resistance is breached, the Fibonacci tool analysis will hold. On November 7 uptrend, the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the crypto will rise to level 1.618 Fibonacci extension which is $522.21high.


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Binance (BNBUSD) Price Is Ranging Within $29 and $26 Price Level

Binance (BNBUSD) Price Is Ranging Within $29 and $26 Price Level

BNBUSD Price Analysis – November 13

When the daily candle closes above the $29 resistance level, the price may increase to $31, penetrate it, and expose the price to the $33 resistance level. If it breaks down the support level of $26, then $24 and $22 support level may be tested. The relative strength index period 14 is parallel to the 40 levels as a symbol of consolidation.

BNB/USD Market
Key levels:

Supply levels: $29, $31, $33
Demand levels: $26, $24, $22

BNBUSD Long-term Trend: Ranging

BNBUSD is on the ranging mode in the long-term outlook. The coin was bullish last week in the daily chart. The price sparked and rally towards the resistance level of $31 on November 05 but suddenly dropped to the support level of $26. The resistance level of $29 has been preventing an increase in price, likewise, the support level of $26 is been defended by the bulls and this led to the ranging of the price within $29 and $26 price level.

BNBUSD daily chart, November 13

The two EMAs are coming close together, parallel to each other and the price is trading over the 9 periods EMA and 21 periods EMA which connote that price ranging is in progress. When the daily candle closes above the $29 resistance level, the price may increase to $31, penetrate it, and expose the price to the $33 resistance level. If it breaks down the support level of $26, then $24 and $22 support level may be tested. The relative strength index period 14 is parallel to the 40 levels as a symbol of consolidation.


BNBUSD medium-term Trend: Ranging

The Bulls are unable to break up the resistance level of $29 when the price was pushed to test the level last week. In the same way, the bears could not break down the support level of $26 when it was tested. The price commences ranging movement within the $29 and $26 price level.

BNBUSD 4-hour chart, November 13


The 9 periods EMA is interlocked to the 21 periods EMA and the coin is trading around and over the two EMAs to indicate that consolidation is in progress. The Relative Strength Index period 14 is not displaying a specific direction.

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EURJPY Declines Further to Sub 124.00 Level Ending the Week in a Bearish Zone

EURJPY Declines Further to Sub 124.00 Level Ending the Week in a Bearish Zone

EURJPY Price Analysis – November 13

The common European currency has declined by 0.54% versus the Japanese Yen from the prior session to sub 124.00 level while exiting the week in a bearish zone. The currency pair breached the moving average of 5 to trade lower. The upside potential against the JPY could be limited due to a combination of factors such as ECB fiscal policy.

Key levels
Resistance Levels: 127.07, 125.58, 124.43,
Support Levels: 123.37, 121.61, 119.31
EURJPY Long-term Trend: Ranging
EURJPY initially traded higher on Friday, but after it reached resistance around 124.30 and pulled back, bears appeared as traders turned their attention to levels below 124.00. To begin exploring the bearish scenario, it is necessary to establish a decisive fall below 123.37. The pair may continue to decline with a potential target for bearish traders around 123.00.

In a broader context, growth from 114.39 is seen as a mid-term phase of growth within a long-term consolidation trend. Further gains are anticipated as long as the 119.31 support level is held. However, a solid breakout of 119.31 would prove that the rally from 114.39 has ended and has brought this low back into focus.
EURJPY Short term Trend: Ranging
EURJPY intraday bias stays optimistic as consolidation from 125.00 is still ongoing. Continuous advance is anticipated until minor support level 123.00 is breached. The correction from the level of 127.07 could have ended with three cycles down to the level of 121.61.

A breach of the minor resistance zone at 125.00 should lead to a retest of the 127.07 upper level. On the other hand, a breach of the minor support level at 123.00 would extend the correction with another fall to 121.61.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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USDCHF Overall Bias Stays Indecisive After a Weekly Gain to the 0.9191 Level

USDCHF Overall Bias Stays Indecisive After a Weekly Gain to the 0.9191 Level

USDCHF Price Analysis – November 13

The USDCHF pair is currently trading down at 0.9131, representing a downside shift from gain to 0.9191 level during the week. The pair has pretty much erased from its weekly high. The COVID-19 vaccine news represents a challenge for the Swiss franc strength.

Key Levels
Resistance Levels: 0.9362, 0.9296, 0.9181
Support Levels: 0.9115, 0.8982, 0.8639
USDCHF Long term Trend: Ranging
As seen in the daily timeframe, a close beneath the lower channel border, currently at 0.9133, may validate a breakout and expose the Nov 9 low at 0.8982. Alternatively, a close outside the Nov 2 high at 0.9207 may validate the channel lower bounce seen at 0.8982 and shift risk in support of a breakout upward to recent highs past 0.9207.

On resumption, the next aim is a 138.2% forecast from 1.0342 to 0.9181 from 1.0231 to 0.8639. However, a strong breach of the 0.9296 resistance level would be an early sign of a trend reversal and would draw attention to the key 0.9902 resistance level for a re-test.
USDCHF Short term Trend: Ranging
The overall trend in the 4-hour chart of the USDCHF stays undecided and the intraday bias stays optimistic for consolidation. Further gains are still under consideration as minor support stays at 0.9115.

A decisive breach of the 0.9207 resistance level may be an early sign of a bullish reversal and a 0.9296 resistance target to test. On the other hand, beneath the minor support at 0.9115, the pair could shift back to the 0.8982 low.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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EUR/CHF Rallies May Continue, Uptrend Reversal Likely at Level 1.0862

EUR/CHF Rallies May Continue, Uptrend Reversal Likely at Level 1.0862

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bullish
The pair has fallen to the low at 1.0672 and it rebounded. The rally continued to the high of level 1.08100. The pair is facing resistance at the recent high as the price retraced to level 1.0795. The uptrend is likely to continue as the pair is in the bullish trend zone.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 63 of the Relative Strength Index period 14. It implies that the market is in an uptrend zone and above the centerline 50. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates the sideways trend.

EUR/CHF Medium-term Trend: Bullish
On the 4-hour chart, the pair is also in an upward move. The current upward move is facing resistance at level 1.0820. The price was repelled as the market reached a low of 1.0782. A retraced candle body tested 78.6% Fibonacci retracement level. This indicates that the current uptrend will rise and retraced at level 1.272 Fibonacci extensions.

EUR/CHF – 4 Hour Chart

 
4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The pair is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region. Later sellers may emerge.

General Outlook for EUR/CHF
EUR/CHF is still in an uptrend and may continue the upward move. However, the uptrend is likely to terminate soon. According to the Fibonacci tool, the market will rise and reached level 1.272 Fibonacci extensions. That is the market will reverse at the high of 1.0862.



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4 Cautionary Crypto Tales From the Crypt

4 Cautionary Crypto Tales From the Crypt

Witches, vampires, and ghouls. These Halloween beasties have nothing on every Bitcoiner’s worst nightmare: losing one’s digital gold in a fluke accident or misstep. We can practically hear you screaming at your screen right now.

In honour of Halloween season, we’re exploring four spine-tingling tales of brutal Bitcoin losses. We also throw in a little treat towards the end and reveal how you can make a killing on crypto with a LonghornFX account, without actually buying any Bitcoins. Intrigued? Read on to find out more.
1. IT guy chucks $127m Bitcoin in toxic landfill
British IT professional James Howells began mining Bitcoin on his personal laptop back in 2009 and by 2013 had amassed an impressive 7,500 Bitcoins. He sold the laptop on eBay but held on to the hard drive in the hope that his Bitcoins would increase in value. But while clearing out his house later that same year, he accidentally threw the drive away, which ended up being dumped in a Welsh landfill. When he realised his mistake, Howells desperately tried to get permission to search the landfill for his drive. His request was denied on the grounds that it was dangerous due to the toxicity of the landfill, plus it simply went against the law.

Fat lot of good that would have done him, anyway. With 50,000 tons of refuse added to the site every year, searching for one tiny hard drive would have been a much bigger problem than finding a needle in a haystack. Still, it may have just been worth the undertaking. It’s estimated that around 2017, when Howells realised what he’d done, his 7,500 Bitcoins would have been worth in excess of $127 million.

2. Aussie loses $7m Bitcoin after investing life savings
In a moment of mid-life crisis, former Australian journalist Derek Rose decided to do what for many would be the unthinkable. He withdrew his entire $70,000 life savings and invested it all into Bitcoin. Seeing that his initial capital was growing exponentially with the Bitcoin boom of 2016, Rose even started borrowing more money to increase his investment, and was soon earning close to half a million dollars a day.
But rather than listen to his financial advisor and friends who encouraged him to cash out while the going was good, Rose continued to ride that wave of euphoria and poured even more money more into crypto. Then the Christmas crash of 2017 hit and Rose saw his multi-million dollar account take a massive hit. He lost around $7 million at the time. Thankfully Rose didn’t lose everything. “This was a huge blow, but it didn’t wipe me out […] I’m still doing better with my investments than I would have if I had stayed in index funds.” Moral of the story: what goes up, must come down. No bullish rally will continue forever.

3. Tech journo forgets Bitcoin wallet PIN
Sometimes even the world’s most reliable tech geeks make massive errors. After amassing some $30,000 in Bitcoins, Wired magazine editor Mark Frauenfelder lost access to his crypto wallet. “I wrote my PIN code and recovery seed on the same piece of paper. I was planning to etch the seed on a metal bar and hide it, but before that happened my house-cleaning service threw the paper away,” he explained.

Frauenfelder was ready to kiss his Bitcoins goodbye when he finally met a stroke of good fortune. Thirteen months after losing his PIN, Mark was introduced to Saleem Rashid, a 15-year-old coding whiz from the UK. With Saleem’s help, Mark managed to hack into his crypto wallet and successfully retrieve his PIN and subsequently his Bitcoins. We bet Frauenfelder won’t be misplacing his new PIN any time soon!

4. Software designer wipes away $20k
When Bitcoin first began to cause a stir on the web back in 2010, Atlanta-based software developer Syl Turner thought he’d try his hand at mining and managed to earn himself two whole Bitcoins. As Bitcoins were worth pennies at the time, Syl didn’t give them much thought and eventually ended up storing his mining computer in his attic.

Fast forward a few years later and suddenly Syl sees a news alert pop up on his screen: Bitcoins are now worth $10,000! Syl shot straight up into the attic to retrieve his dormant PC. He found what he was looking for but when he booted the computer up, he realised he had mistakenly wiped the hard drive, meaning his crypto wallet key had vanished. That one mistake cost Syl $20,000, at the very least. If Syl still had access to his crypto wallet and HODLed, he may have seen his Bitcoin climb much, much higher.

Profiting from Crypto made simpler
Thankfully, there’s a much easier and cost-effective method of profiting off Bitcoin, without the risk of losing hard drives or extra complicated PINs to crypto wallets. By trading Contracts for Difference (CFDs) on LonghornFX, you can profit on over 35 cryptos by trading on whether the price of the underlying crypto asset will rise or fall.

Trade on Bitcoin, Ether, Ripple, and more popular altcoins, all with 1:500 leverage. Open a free LonghornFX account and trade from as little as a $10 deposit!

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EURUSD Loses More Support and Tests the 1.1625/20 Region As Attention Stays on Tuesday’s US Elections

EURUSD Loses More Support and Tests the 1.1625/20 Region As Attention Stays on Tuesday’s US Elections

EURUSD Price Analysis – November 2

The selling bias around the EURUSD increased for another session on Monday and drags the pair to fresh 2-month lows in the 1.1625/20 region. Increasing cautiousness ahead of the US presidential elections due on Tuesday gives extra attention to the pair. The decline is driven by strong risk aversion as traders continue to flee into safety on growing fears over fresh lockdown measures across Europe.

Key Levels
Resistance Levels: 1.2011, 1.1917, 1.1808
Support Levels: 1.1612, 1.1495, 1.1350
EURUSD Long-term Trend: Ranging
At the moment, the pair is up 0.05% to 1.1648 and will face the next support at 1.1622, followed by the 1.1612 low and finally the 1.1495 (high). On the other hand, a break of 1.1880 would target 1.1917 (high) en route to 1.1965 (monthly high). A bearish RSI, combined with bearish 5 and 13 moving averages, indicates a strengthening bearish bias.

In a broader context, the rise from 1.0635 is seen as the third phase of the trend from 1.0339 (low). At the next level at 1.2011, a further rally towards cluster resistance can be seen. This will remain a preferable case as long as the 1.1422 resistance turned into support is held.
EURUSD Short term Trend: Bearish
The fall in EURUSD continues today and the intraday bias remains lower towards the 1.1612 support level. A breakthrough will confirm the resumption of the correctional decline from the level of 1.2011. Further decline is expected to 38.2% retracement from 1.0635 to 1.2011 at 1.1485.

On the other hand, a break above the minor resistance level of 1.1725 will primarily change intraday sentiment. But the risk may stay downtrend as long as the 1.1880 resistance level is held in case of a recovery. In the short term, EURUSD is trading lower, with 1.1612 anticipated to offer immediate support for additional losses.

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Germany 30 (DE30EUR) Continues Selling Pressure, May Reach Level 11669.30

Germany 30 (DE30EUR) Continues Selling Pressure, May Reach Level 11669.30

Key Resistance Zones: 13600, 14000, 14400
Key Support Zones: 11200, 10800, 10400

Germany 30 (DE30EUR) Long-term Trend: Bearish
The index is now in a downtrend. The bears have broken the range-bound movement. It is making a downward move after facing rejection at the upper price range. The price is likely to continue falling to level 11669.30.

DE30EUR – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the downtrend. The index is at level 44 of the Relative Strength Index period 14. This indicates that it is in the uptrend zone and below the centerline 50.


Germany 30 (DE30EUR) Medium-term Trend: Bearish
On the 4- hour chart, the index is on a downward move. On October 22 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. This is an indication that the market will fall and reach a level 2.0 Fibonacci extension. In other words, the market will reach level 11669.30.

DE30EUR – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below the 30% range of the daily stochastic. It indicates that the index is in bearish momentum. Meanwhile, the 50-day SMA and the 21-day SMA are sloping downward indicating the downtrend.

General Outlook for Germany 30 (DE30EUR)
DE30EUR is now making a downward move. The index has fallen to level 12159 and a further downward movement is expected to level 11669.30.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.