In today’s forex forecast, we offer the outlook for EUR/USD, EUR/GBP and the Bitcoin, with Eddie Tofpik, Head of FX, ADM Investor Services.
With key risk events ahead, Tofpik suggests to wait for the announcement before pouncing on a trade.
EUR/USD: Downside target at 0.90
Tofpik says that the EUR market has taken the bulls out, with the pair seeing a key reversal failure few days ago. The cross is currently sitting at support area around the March lows. The technical downside targets for the pair remain at 0.90 and even 0.88 but the pair will have to clear a lot of hurdles before.
On balance, the market is looking for a big move lower.
EUR/GBP: Looking bearish
Tofpik looks at the technical chart for EUR/GBP and notes that the price action sees a conjunction of 3 moving averages and a possible bow tie formation. The pair is looking bearish at the moment, says Tofpik. For further technical insights, watch the video.
Bitcoin: Needs a pullback before going higher
Previously Bitcoin saw a close above $317 level after which we saw a rally. We are currently seeing support around 350.05 and resistance at 385.90 and then 397.99. While BTC/USD sees further upside potential, a pullback might be expected before, views Tofpik.
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