EUR/USD: More troubles ahead?
The downward pressure on the EUR/USD exchange rate showed no signs of easing last week, with prices falling further and approaching the lows of autumn 2023.
The intense pressure suggests another wave of depreciation may occur. However, a technical rebound is possible due to the oversold status. If the Euro stabilizes around 1.0519 USD, a recovery to at least 1.0683 USD might unfold in the coming days.
Conversely, a sustained drop below 1.0519 USD could lead to further declines toward the October 2023 low of 1.0448 USD or even the support at 1.03757 USD.
Bitcoin (USD) eyes $100,000
Bitcoin prices continued their meteoric rise last week, surpassing $85,000 and $90,000 per coin, with the $100,000 mark now firmly in sight.
The rapid upward trajectory suggests caution, but bulls remain in control. A rally beyond $92,500 could trigger a push toward $100,000. Profit-taking at this milestone would be unsurprising due to both technical and psychological factors.
Bitcoin is currently supported around $86,700, but a drop below $85,000 could lead to more significant selling, potentially retreating to $75,600.
NASDAQ100 signals further weakness
Despite hitting a new high at the start of the week, the NASDAQ100 saw heavy selling by Friday, with a gap-down and a close below the 20,493-point support level.
The break below 21,000 and 20,493 points suggests a bearish outlook for the new week. While a rebound is possible after Friday’s losses, further declines toward 20,000 points or even 19,751 points could occur.
Conversely, if buyers regain control and push above 20,690 points, the broader rally could resume, targeting 21,155 points.
Nvidia faces a crucial week
Amid general market weakness, Nvidia's stock saw significant profit-taking last week, testing support at $140.76 on Friday.
With quarterly earnings due Wednesday, the stakes are high. If the stock stays above $140.76, it could retest the all-time high of $149.77 from November 8 and potentially reach $160.00.
However, a breach of $140.76 might trigger further declines, with losses extending below $135.00 and potentially testing support at $130.12.
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