Analysts warn that the recent bitcoin bull run could cool off while the currency market is awaiting pivotal U.S. economic data. The upcoming U.S. Retail Sales and PPI data are shrouded in market-moving potential. With predictions of a 0.8% growth following January’s contraction, alongside an expected 0.3% PPI bump, analysts are chewing over the likelihood of an increased dollar demand. A close eye is kept, as mixed signals could lead to misleading initial reactions, while the bond markets might offer some directionality in either case.
EUR/USD Sits on the Fence Ahead of Data Release
As the sun rises over Europe, EUR/USD finds itself navigating a narrow path below 1.0950. A mixed close on Wednesday, despite a backdrop of stronger-than-usual backing from ECB officials, indicates a market holding its breath. There’s a palpable hesitation to make bold moves ahead of the U.S. Retail Sales and Producer Price Index (PPI) figures slated for later today. Eyes are also keenly trained on the ECB speeches, which promise to impact further tremors across trading floors.
Market Analysis for EUR/USD
The EUR/USD pair is drawing significant attention from forex traders and analysts alike. A strong recommendation to BUY has been issued, with an entry point (Pivot) set at 1.0930. The strategy outlines ambitious target and take profit levels at 1.0955 and 1.0965, respectively, suggesting a bullish outlook in the short term.
Investors are advised to allocate 2% of their trading portfolio to this position to manage risk effectively. This intraday forecast, relevant for the spot market, highlights that while consolidation in the EUR/USD pair cannot be completely ruled out, the potential for gains in the coming hours remains high. Market participants are closely monitoring these developments as they unfold throughout the trading day.
EUR/USD Daily Chart
GBP Prepares for a Tumultuous Ride
GBP/USD has managed to crawl upwards in the London session, albeit warily. Ahead of the Fed data, traders are clambering for any information that could give a peek into the mind of the BoE regarding rate trajectory. With the unsettling inflation data from the U.S., there’s unease around when rate relaxations could become a tangible reality, keeping the market on tenterhooks.
Market Analysis for GBP/USD
the GBP/USD pair has garnered attention with a surge above the 1.2800 mark in today’s European trading session, as reported by various financial news outlets. Analysts are now advocating for a BUY position on the currency pair, pinpointing an entry price (Pivot) at 1.2780. The strategy sets sights on target and take profit levels at 1.2810 and 1.2825 respectively, indicating a positive short-term outlook. Traders are advised to limit their risk to 2% per trade to safeguard their portfolios.
This intraday advice comes amid a backdrop of a cautiously optimistic market mood and a modest rebound in the US Dollar. The recommendation is further bolstered by technical indicators such as the Relative Strength Index (RSI), which signals an upward momentum, suggesting potential gains for traders who act swiftly in the spot market.
GBPUSD Chart
Bitcoin—A Volatile Journey Towards an Uncertain Horizon
The excitement around Bitcoin’s roller-coaster valuations is met with words of caution from Swissblock and Matrixport analysts. While recent trends have seen Bitcoin value soar, with attentive investors poised at each dip, the lack of significant pullbacks raises questions about what lies ahead in the coming period. Whether these dips are mere stepping stones or harbingers of a larger correction remains a focal point of discussion.
Market Analysis for BTC/USD
Bitcoin (BTC/USD) continues its unprecedented rally, breaking past the $73,000 mark and setting a new record high for 2024. Given the bullish momentum, a BUY recommendation is issued with an entry price (Pivot) at $72,240. Despite the current surge, traders are advised to keep an eye on the $50,150 level, which presents a significant resistance.
For those looking to capitalize on this intraday movement, a conservative risk management strategy of 1% per trade is suggested. The optimism in the market is further supported by technical indicators, with the Relative Strength Index (RSI) positioned above 50 and the Moving Average Convergence Divergence (MACD) displaying a positive trend above its signal line. These factors contribute to a favorable outlook for BTC/USD in the spot market, encouraging traders to consider taking advantage of the current positive configuration.
BTCUSD Chart
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