J.J. Edwards’ Market Analysis at FenzoFx

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EUR/USD Needs to Break $1.0534 to Invalidate Bearish View

FenzoFx—The EUR/USD currency pair hit the 78.6% Fibonacci resistance level at $1.0497. Meanwhile, the Stochastic indicator is overbought, meaning the bullish wave from $1.0360 could pause in the current and next session. A dip below the 61.8% Fibonacci support level can trigger a new bearish wave, targeting the 38.2% Fibonacci at $1.0427.

Please note that the bearish outlook of the currency pair invalidates if EUR/USD exceeds $1.0534.

 

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Bears Target $78,320 as Bitcoin Dips to Key Support Level

FenzoFx—Bitcoin's dip from $95,050 now nears the 78.6% Fibonacci support level at $81,900. Meanwhile, the Stochastic Oscillator %K line records show 10, and the Awesome Oscillator shifted below the signal line in the 4-hour chart. This means the downtrend and price can potentially bounce from this point; therefore, a new breakout is required for the next wave.

The immediate support is $81,900. From a technical perspective, if bears push the prices below the 78.6% Fibonacci, BTC/USD could fall toward the $78,320 mark.

 

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Litecoin Oversold at $100​

FenzoFx—Litecoin is oversold at the $100.0 psychological support level, signaled by Stochastic and RSI 14. A new bullish wave could emerge if the bull pulls the prices above the immediate resistance at $106.0. In this scenario, LTC will likely target $115.0.

On the flip side, a dip below $100.0 can trigger the downtrend, targeting $95.0 followed by $90.0. Please note that the bearish outlook should be invalidated if LTC/USD exceeds $106.0.​