Failure to cling to 1.0900 would push the European currency back to 1.0820, followed by the 1.0800 psychological support
The USD index advanced to fresh long-term highs around 99.40 on Monday before retreating marginally. Still, the greenback stays above 99.00, retaining a bullish tone as risk aversion continues to persist. Against this backdrop, EURUSD dipped to 1.0800 at the start of the week before bouncing today. The pair came off lows to settle around 1.0900 in early European trading session amid the oversold conditions. Still, the common currency will likely stay on the defensive and could see fresh lows in the coming days should the mentioned support give up. On the hourly charts, the euro was last seen changing hands above the 20-SMA, but the RSI has turned back lower again, painting a mixed technical picture. Failure to cling to 1.0900 would push the European currency back to 1.0820, followed by the 1.0800 psychological support.
The cable failed to hold above the 1.3300 handle last week and keeps bleeding these days, extending losses to fresh November lows below 1.3100 on Tuesday. The pair dipped to 1.3080 before rebounding slightly as the dollar has retreated somewhat from fresh long-term highs in recent trading. It looks like the GBPUSD pair could derail the 1.3000 psychological level in the near term for the first time since November 2020, as the prices failed to hold above the 1.3160 December 2021 lows at the start of the week. In the immediate term, the USD could cap gains for the pair amid the worsening situation in Ukraine. The nearest barrier arrives at 1.3130, followed by the 1.3175. However, it looks like the prices would lack the recovery momentum to regain the 1.3200 mark as the USD demand will likely reemerge after some profit-taking.
USDJPY extends the ascent on Tuesday, challenging the 115.60 intermediate barrier during the European hours. The pair could target the 115.80 next local resistance should this zone give up anytime soon. On the downside, the nearest support now arrives at 115.25 where the 20-DMA lies. As long as the prices stay above this moving average, upside risks persist. On the four-hour timeframes, the technical picture looks upbeat, with the dollar trading above the key SMAs while the RSI keeps pointing north in the neutral territory. Should the buying pressure persist, USDJPY will retarget the 116.00 barrier last seen nearly one month ago. In the immediate term, the pair needs to hold above 115.45 in order to extend this week’s rally from the 114.65 region that capped losses late last week.
The bitcoin price dipped to fresh March lows just above the $37,000 figure at the start of the week before bouncing marginally. Today, the buying interest reemerged, pushing the coin to the $39,000 figure. Still, the prices failed to challenge the descending 20-DMA that has been acting as resistance since the plunge witnessed last week. It looks like the BTCUSD pair would lack the upside momentum to get back above the $40,000 figure in the short term as traders stay cautions amid the geopolitical developments. In other words, the coin could face renewed selling pressure after a short-lived bounce, with the $37,000 immediate support staying in the market focus for the time being. In a wider picture, the largest cryptocurrency keeps trading within a tightening range, suggesting the market is getting less volatile while also staying within a bearish trend that has slowed down this year.