It looks like the common currency would finish the week and the year below the 1.1360 hurdle as the greenback remains steady these days
Major currencies continue to tread water in tight ranges, with the dollar trading marginally lower on Tuesday. The USD index sheds 0.05% during the European hours, still holding around the 96.00 figure in thin trading conditions. EURUSD stays above the 20-DMA, struggling around 1.1330, with the euro lacking upside momentum despite the retreating greenback. The upside potential remains limited in the near term despite the dominating bullish bias. Should this barrier give up, however, the pair will target the 1.1350-1.1350 zone where this month’s highs arrive. It looks like the common currency would finish the week and the year below this hurdle as the greenback remains steady these days. On the four-hour charts, EURUSD has settled above the key moving averages but is yet to preserve intraday gains above 1.1320.
The cable has been trending north since the start of the week. On Tuesday, the pair advanced to more than one-month highs around 1.3450, staying just slightly positive during the European hours. It looks like GBPUSD will struggle to overcome this barrier in the near term amid low liquidity in thin pre-holiday trading. Of note, the daily RSI is directionless in the neutral territory, suggesting the upside for the pair is limited from here. On the downside, the immediate support now arrives at 1.3430. followed by 1.3400 and the 1.3385 region. As long as the prices stay above the 1.3400 figure, bearish risks are limited at this stage. On the hourly timeframes, however, the technical picture keeps improving as the prices have exceeded the ascending 20-SMA while the RSI is pointing north but is yet to enter the overbought territory, which implies that the 1.3450 region could be challenged in the near term before a local downside correction takes place.
USDJPY climbed to fresh one-month highs just below the 115.00 figure before retreating to the flat-line in recent trading. The pair has settled in a tight range on Tuesday after a solid rally witnessed yesterday when the prices jumped from intraday lows around 114.30. Now, the dollar needs to overcome the 115.00 hurdle in order to extend the ascent. Should this level deter the bulls, a downside correction could be expected in the short term, with the initial target coming at 114.75, followed by the 114.55 intermediate barrier for dollar bears. On the weekly timeframes, the technical picture keeps improving since the start of the month, with the pair advancing north for the fourth week in a row. If the 115.00 figure gives up, the greenback would target five-year highs around 115.00 registered last month.
Following a four-day consolidation above the $50,000 figure, BTCUSD came under pressure on Tuesday to notch six-day lows around $48,600 before rebounding above the 20-DMA in recent trading. The largest cryptocurrency by market capitalization was last seen changing hands around the $49,000 figure, down 3.3% on the day. As a result, the daily RSI has reversed lower in the neutral territory, suggesting there is room for further losses in the short term. On the other hand, a bounce could be expected if the prices manage to hold above the mentioned moving average, currently at $48,800. On the hourly charts, the RSI has bounced from the oversold territory and was last seen pointing north, which implies that the selling pressure could be limited now. Should the prices stage a bounce, the coin would climb back above the $50,000 figure on a daily closing basis.