The shared currency struggles to extend the recent bounce but also refrains from any major sell-off
EURUSD
The USD index looks directionless on Tuesday, flirting with the 106.50 zone during the European deals. As risk sentiment has deteriorated somehow in recent trading, the safe-haven greenback could refrain from a deeper retreat for the time being. EURUSD holds marginally above 1.0200 today, staying below the 1.0260-1.0280 local resistance that has been capping recovery attempts since last week. The pair struggles to extend the recent bounce but also refrains from any major sell-off, holding onto the upper end of the latest trading range. The shared currency is unlikely to stage a decisive ascent any time soon as traders are now in a wait-and-see mode. Also, the common currency is pressured by the worsening energy crisis in Europe. Failure to hold above 1.0200 would pave the way towards the 1.0130 zone, followed by 1.0100. In the short term, downside risks continue to persist ahead of the Federal Reserve two-day meeting that concludes on Wednesday.
GBPUSD
At the start of the week, the pair regained the 1.2000 psychological level to finish nearly 0.5% higher. However, the pair failed to preserve the upside momentum and came under some pressure today, trading slightly lower in Europe. GBPUSD was last seen changing hands around 1.2035, down less than 0.1% on the day. Failure to hold above 1.2000 would bring more selling pressure, with the overall trend staying bearish. On the shorter-term charts, GBPUSD signals further losses, with the overall upside potential looking limited. The immediate upside target arrives around 1.2065, followed by the 1.2100 mark last seen three weeks ago. On the downside, long-term lows below 1.1800 remain in the market focus while below the 1.3000 level. On the weekly charts, the prices bounced marginally from the mentioned lows which could be challenged if the dollar attracts renewed demand.
USDJPY
The dollar managed to attract renewed demand, pushing USDJPY north at the start of the week. The pair retains a slight bullish bias on Tuesday, still struggling to overcome the 136.80 immediate resistance that continues to cap gains on the way towards the 107.00 mark. At the same time, the greenback stays above the 135.50 zone that capped losses last week. USDJPY stays within a broader uptrend despite coming off multi-year highs seen above 139.00 earlier this month. On the upside, a decisive break above 137.00 would pave the way towards the 137.40 intermediate barrier on the way towards the 138.00 mark. Meanwhile, failure to hold above 135.50 could send the greenback to fresh local lows below 135.00, with the key support arriving at 134.30. On the shorter-term timeframes, the upside bias looks too modest to bet on solid gains in the near term, with the 136.00 figure remaining in the market focus at this stage.
BTCUSD
The BTCUSD pair plunged on Monday, accelerating the retreat after failure to hold above $24,000 last week. The coin extended losses today to derail the $21,000 mark earlier in the day. The largest digital currency by market capitalization was last seen changing hands around $21,100, shedding nearly 1% on the day. Should $21,000 give up on a daily closing basis, the prices may revisit the $20,500 zone next. For the time being, the downside potential remains limited while above the $20,000 mark. On the shorter-term timeframes, the technical picture has deteriorated further after the plunge witnessed overnight. Now, the immediate resistance arrives at $21,300, followed by the $22,000 figure while the key barrier lies in the $24,200 area where mid-June highs capped the rally nearly one week ago. In a wider picture, BTC needs to regain at least the $28,000 mark in order to shrug off some of the persisting downside pressure.
