EUR/USD with upward reaction and Friday sell-off
The weakness of the euro came to an expected end at the intersection support area of around USD 1.0790. Initially hesitant, but then with a boost, a recovery took place until Friday afternoon, which was, however, somewhat relativized in the wake of US data.
On Friday, the quotations were able to briefly look beyond the USD 1.0900 mark before the countermovement that had started was reversed during Friday afternoon. However, a further recovery to the outstanding resistance zone of USD 1.0910 to 1.0946 seems possible, provided that the level of USD 1.0850 can be sustainably conquered again at the start of the week.
If, on the other hand, the price weakness continues, the target level is at the well-known cross-support area around USD 1.0790. Reinforcing downside pressure could even cause losses to below USD 1.0770, which in turn would trigger a sell signal to USD 1.0735.
.
.
Bitcoin (USD) just missed new highs
In the run-up to the US election week, Bitcoin was able to continue to rise and approach its record levels. Shortly before that, however, the positive sentiment turned and profit-taking led to setbacks to the current support at $68,578.
The recently overcome resistance level of $68,578, now active as support, represents an important switch point for the further course. A temporary fall below this level would allow a deeper touch to $66,888, but the bulls should return there at the latest to avoid further losses. Between $66,888 and $68,578, there is therefore the possibility of a resumption of the attack in the direction of the all-time high. The sooner Bitcoin experiences demand again, the better.
Below $66,888, things get more critical. Further losses to $65,800 could be the prelude to a sharper downward movement if the uptrend line since August is broken. The consequence would be further losses to the $62,470 and $60,184 marks.
.
.
NASDAQ100 reverses but still on track
The US tech index again managed to set a new multi-week and multi-month high. However, it was unable to establish itself above the resistance level of 20,493 points, and so prices plummeted in the second half of the week. Nevertheless, the outlook remains positive.
The 20,000-point mark was defended at the end of the week. Despite this, the upward trend line since September was broken, making temporary losses appear possible. A test of the 19,751-point support level should be taken into account. If a turnaround is achieved there, a quick recovery to 20,250 and above 20,493 points is possible.
If, on the other hand, the index falls below the support level of 19,751 points at the end of the day, there is further potential for a setback to at least 19,250 points. The long-term upward trend line is located in this area, so that a stabilization is likely to occur there at the latest.
.
.
Bayer on a knife edge
Bayer AG's shares have been under significant selling pressure for a long time. In the second half of 2023, this trend accelerated significantly, sending the share price plummeting. It was only in the range around EUR 25.00 per share that this sell-off calmed down in the current trading year.
The tension could not be greater. A week of decision-making is to be expected. Trend-following is the task of the established and currently reached support level around 25.00 EUR. If, in this context, the price falls below this level on a sustained basis, a first wave of selling to 22.44 EUR would have to be taken into account.
On the other hand, the current level offers itself for speculation of a renewed recovery movement. As has already happened several times over the past few months, a resurgence in demand could provide an impulse beyond the round marks to around EUR 29.00.
.
.
.
Disclaimer:
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.
There are risks involved with trading of cash equities. Past performance is not indicative of future results. You should consider whether you can tolerate such losses before trading. Please read the full Risk Disclosure (https://www.jfdbrokers.com/en/legal/risk-disclosure).
Copyright 2024 JFD Group Ltd.