Doji Pattern to Drive Correction!

Bitcoin extended its gains for 2nd consecutive session on Thursday and moved towards $40,000. Despite a massive comeback of the U.S. dollar amid the stronger-than-expected macroeconomic data, the cryptocurrency BTC/USD rose on Thursday amid various favorable factors driving its prices on the upside.

A global peer-to-peer bitcoin exchange platform, Paxful announced the launch of Paxful Pay. This new initiative will allow businesses worldwide to accept bitcoin as payment for their goods and services. The new eCommerce solution, Paxful Pay, will allow buyers to make purchases with 400 payment methods. In contrast, the asset used for purchases will be exchanged into bitcoin that will be sent to the digital wallet of the merchant. This news added strength to the Bitcoin prices that remained green for the day.

Meanwhile, a former U.S. congressman Ron Paul said that he wanted to legalize the competition of the U.S. dollar, including the bitcoin. Then he wanted to let the people decide which money to use, not the government. He added that freedom of choice would sort the problem. He elaborated that the government will never allow anything to compete with the dollar on the national level. He stressed that governments have been controlling the money over the centuries, and they will never give up their control, which means that bitcoin might not get legalized. However, he argued that he would put up his points for the case to legalize the freedom of choice. He concluded that many people were enthusiastic about bitcoin, and many believed that it would be the only money left after replacing the dollar in the future. He added that dollar will remain around but could lose its worth. These comments also added further strength to the rising prices of BTC/USD.

Furthermore, during his recent interview at CNBC, Francis Suarez, the Mayor of Miami city, revealed that he holds bitcoin and ether on his portfolio. Saurez is a well-known advocate of bitcoin, and he has been working continuously to pass positive Bitcoin crypto regulation t the city. Earlier, the Mayor had also been under discussion as he paid salaries of state employees in Bitocin and allowed citizens to pay taxes in crypto. He also regretted that he could not buy the recent dip due to his busy schedule, but he unveiled his plans to do it in the near future.

On the other hand, the U.S. dollar, which is also considered as negatively correlated to the BTC, rose on Thursday. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies rose to the 90.55 level and added pressure on BTC/USD rising prices. The gains in BTC/USD remained limited on the day amid a comeback in the U.S., and hence, bitcoin struggled to reach the $40,000 level.

BTC/USD Intraday Technical Levels

Support Resistance

36503.8 38364.5

35417.7 39139.1

34643.1 40225.2

Pivot Point: 37278.4

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BTC/USD - Technical Outlook**

The BTC/USD pair is trading with a bearish bias at 37,515 level on the technical front. The leading crypto pair faced strong resistance at 39,440 level, and closing of candles below this level has driven strong bearish correction in the BTC/USD pair. At the moment, the closing of doji and spinning top candles are driving bearish movement in Bitcoin. However, the pair's next support holds around 36,634 levels. A bearish breakout of 36,634 levels opens up further room for selling until 34,750. Taking a look at the MACD, the histograms are being formed over 0 levels, and these are supporting buying trends in Bitcoin. All the best!

Upward Trendline Support

Gold prices were closed at $1910.35 after placing a high of $1912.05 and a low of $1896.75. On Wednesday, gold prices retreated from the five-month high level marked in the previous session. However, gold remained green for the day as the U.S. dollar index and the U.S. Treasury yield were depressed throughout the day. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies remained flat on Wednesday at 89.91. The U.S. dollar tried to recover during an early trading session but reversed its course in the late session and remained flat throughout the day. Meanwhile, the yield on the benchmark 10-year note also declined and fell to 1.589%. The weak dollar and lower treasury yield added strength to the precious metal that shifted upward on Wednesday.

On the data front, at 18:45 GMT, the IBD/TIPP Economic Optimism surged in June to 56.4 against the forecasted 55.0 and supported the U.S. dollar that further caped upside in the yellow metal prices. Gold remains steady near the highest level in almost 5-months as traders await fresh comments from Federal Reserve officials for hints on the possible time frame for trimming the monetary stimulus. On Wednesday, the Philadelphia Fed President Patrick Harker said that it's appropriate to slowly and carefully move back on bond purchases at a suitable time. Officials have reiterated that they will begin scaling back buying when the economy has made substantial progress towards its goals. Many fed watchers believe that economy will reach the target levels later this year.

The growing demand for the haven asset driven by the signs of rising consumer prices and the risk of an uneven economic recovery has lifted gold prices to around $1900 an ounce. The attention of traders has been shifted towards releasing the U.S. nonfarm payroll report for May, scheduled to release on Friday. Investors will be eyeing for additional clues on the labor market's strength and whether growth will urge inflation that could prompt governments and central banks to decrease stimulus.

Gold Intraday Technical Level

Support Resistance

1900.85 1916.15

1891.15 1921.75

1885.55 1931.45

Pivot Point: 1906.45

Gold - XAU/USD - Technical Outlook 

The yellow metal gold is trading at a 1,898 level, crossing below the 20 and 50 exponential moving averages at a 1,903 level. At the moment, these exponential moving averages are extending resistance at 1,904 area, and closing of gold's price below this EMA are still adding selling pressure on gold. Other technical tools like RSI and MACD are supporting selling sentiment among investors. An upward trendline supports gold at the 1,895 level on the hourly timeframe, and break out of this level opens selling bias until 1,891 and 1,882. At the same time, resistance holds at 1,903 and 1,912 levels. All the best!

EMA Crossover in Play!

The EUR/USD closed at $1.2209 after placing a high of $1.2227 and a low of $1.2163. EUR/USD pair continued its bearish trend for the second consecutive session on Wednesday despite the weak U.S. dollar. The U.S. Dollar Index remained flat on Wednesday at 89.91. The U.S. dollar tried to recover during the early trading session but overturned its course in the late session. Meanwhile, the yield on the benchmark 10-year note also reduced and fell to 1.589%. The weak dollar and lower treasury yield could not reverse the bearish momentum in EUR/USD pair.

On the data front, at 11:00 GMT, the German Retail Sales in April declined to -5.5% against the projected -2.4% and weighed on the single currency Euro that added further loss in EUR/USD pair. At 11:45 GMT, the French Gov Budget Balance showed a deficit of -91.4B in April. At 12:00 GMT, the Spanish Unemployment Change fell short of expectations to -129.4K against the projected -115K and supported Euro that further caped loss in EUR.USD pair. At 14:00 GMT, the PPI for April surged to1.0% against the anticipated 0.9% and supported Euro, limiting the downward momentum in EUR/USD pair. From the U.S. side, at 18:45 GMT, the IBD/TIPP Economic Optimism rose in June to 56.4 against the projected 55.0 and supported the U.S. dollar that added further losses in EUR/USD pair.

On Wednesday, the European Central Bank policymaker Jens Weidmann urged that the central bank should buy fewer bonds from polluting companies under the EB's stimulus programs. As advocated by President Christine Lagarde, the ECB was more likely to adopt some form of green tilt in its multi-billion bond-buying scheme. Weidmann reaffirmed his views that the ECB's priority should be to buy bonds of companies that meet climate-related reporting obligations. Next week on Thursday, ECB will hold its monetary policy meeting. According to analysts from Danske Bank, the meeting will focus on the financing conditions, PEPP implementation and offer a cautiously optimistic view on-demand amid a weak inflation outlook.

Meanwhile, the EUR/USD pair was also under pressure on Wednesday as the market sentiment saw an urge of haven appeal amid the rising concerns over inflation and uneven economic recovery. As EUR/USD currency pair is risk-sensitive, the elimination of risk sentiment from the market weighed heavily on the pair and dragged its prices on the downside.

EURUSD Intraday Technical Levels

Support Resistance

1.2173 1.2237

1.2136 1.2264

1.2109 1.2301

Pivot Point: 1.2200

EUR/USD - Technical Outlook 

The EUR/USD continues to trade bearish amid stronger dollar at 1.2186 level. The direct currency pair has crossed below the 50 periods EMA level on the four hourly timeframes, suggesting strong selling bias among investors and extending resistance at the 1.22066 level. On the 4 hour timeframe, the resistance level was extended by a double top pattern at 1.22653 level. The closing of the "Three Black Crows" pattern 1.2214 resistance level supports bearish sentiment among investors. Therefore, the EUR/USD has taken a bearish reversal, and it's gaining support at the 1.2180 level. Violation of this support level opens up additional room for selling until 1.2165 and 1.2133 support areas. All the best!

Symmetrical Triangle Breakout

The BTC/USD was closed at $37590.0 after placing a high of $38053.0 and a low of $36192.3. Bitcoin saw a surge in prices with minor gains on Wednesday amid a combination of mentioned factors. The CEO of a Nasdaq-listed and China-based firm, Canaan Inc., specializing in bitcoin mining equipment, argued that the Bitcoin mining ban imposed by China should make allowances for green-energy users.

The giant British multinational banking and financial service organization Standard Chartered has shown interest in releasing a cryptocurrency trading platform in Europe and Britain later this year. On Wednesday, the institution revealed plans o launch a digital asset brokerage and exchange platform in Europe and Britain. The project will serve the clients of the bank and will be jointly operated by few entities. The new initiative will allow European institutional customers of the bank to trade bitcoin, ether, and other digital assets.

Meanwhile, the Las Vegas-based payment app Banq has started investing in Bitcoin from various accounts under one platform. Traders can generate as many sub-accounts as they want for a company or private use. This solution enables users to keep crypto investments separate for different goals, different people, and different entities. Moreover, Hungary will erect a life-sized bronze bust honouring Bitcoin's creator, Satoshi Nakamoto, in Budapest. A hooded figure with a mirror surface will be erected in Hungary as the project's initiator, Andras Gyorfi, said that Nakamoto's invention had opened a new chapter in the history of the internet.

Additionally, Philips will allow buyers to pay with the two largest cryptocurrencies (BTC and ETH) for Banksy's artwork called Laugh Now Panel A. the executive of Philips, Jonathan Crockett, has highlighted that the seller insisted on the move as it would grant him more potential buyers and a higher price as an outcome.

BTC/USD Intraday Technical Levels

Support Resistance

35858.8 37555.6

35045.0 38438.6

34161.9 39252.4

Pivot Point: 36741.8

BTC/USD - Technical Outlook 

The BTC/USD is trading at a sharp bullish bias at 38,722 level, violating the trading range of 40,100 – 33,500. The RSI and MACD indicators have crossed over into the bullish zone, supporting odds of a bullish trend in Bitcoin. Recently, the pair has formed bullish engulfing candles that suggest bullish sentiment among investors. The BTC/USD pair's immediate resistance continues to hold around 40,100 and 42,222 levels. Technical indicators have now moved to the buy zone on the hourly timeframe. The RSI is holding at 59, and MACD is closing histograms over 0. The BTC/USD pair may find support at 36,835. Below these levels, the BTC's next support holds around 33,521. Conversely, the violation of 37,850 resistance exposes Bitcoin towards resistance areas of 40,100 and 42,221. All the best!

20 & 50 EMA Crossover

Gold prices were closed at $1901.35 after placing a high of $1919.10 and a low of $1894.50. Gold rose during the early trading session on Tuesday and reached near $1920 but failed to sustain there and dropped in the second half on Tuesday amid the comeback in the U.S. dollar. The U.S. dollar index rose on Tuesday after falling for three consecutive sessions and gathered strength against other rival currencies that pushed it to 89.94 level. Whereas, the U.S. Treasury yields on a 10-year note also rose to 1.637%, added further support to the U.S. dollar, and made it more robust. The strength in the greenback weighed on the yellow metal prices and dragged them towards the $1890 level.

On the data front, at 18:45 GMT, Final Manufacturing PMI surged to 62.1 against the forecasted 61.5 and supported the U.S. dollar that added losses in gold prices. At 19:00 GMT, the ISM Manufacturing PMI rose to 61.2 against the projected 60.8 and supported the U.S. dollar that added weight on the yellow metal. The Construction Spending dropped to 0.2% against the estimated 0.5% and weighed on the U.S. dollar that further caped loss in gold. The ISM Manufacturing Prices surged to 88.0 against the projected 88.9 and weighed on the U.S. dollar that limited the loss in the yellow metal.

On Tuesday, Federal Reserve Governor Lael Brainard said an unusual imbalance between supply and demand in the labor market held back the hiring rebound, but the trend should not last long. She added that the labor shortage would reverse as the economy was healing continuously. She said that the labor shortages were increasing due to childcare, virus fears, and the Unemployment incentive benefits. The scarcity will likely fade away by the fall as vaccination continues and the UI benefit lapses. She concluded that the goals set by Fed for employment were far from reaching but should pick up in the coming months.

Meanwhile, on Tuesday, the Fed vice chair for supervision Randal Quarles said that a recent jump in inflation would prove transitory, even as the fed preferred measure for the pace of price increases jumped in April to 3.1%, well above the Fed's 2% target. He added that a monthly high inflation reading does not necessarily lead to durable high inflation. On U.S. – China front, a Chinese diplomat urged U.S. companies to confidently tell the story of win-win cooperation between China and the U.S., as the world's two biggest economies were locked in a trade and technology war.

According to a statement published by the Foreign Ministry, China's Vice Foreign Minister, Xie Feng, said that it was hoped that Disney, among other U.S. firms in China, could confidently tell the story of win-win China-US cooperation. He added that the relationship between China and the U.S. was at a critical crossroads. It will be in the interest of both China and the U.S. and the rest of the world to promote China's sound and stable development – U.S. relationship.

Gold Intraday Technical Level

Support Resistance

1906.20 1914.75

1901.25 1918.35

1897.65 1923.30

Pivot Point: 1909.80

Gold - XAU/USD - Technical Outlook

The yellow metal gold is trading at a 1,898 level, having crossed beneath the series of 20 and 50 EMA levels. These EMA lines are extending resistance at 1,903 area, and closing gold's price below these adds selling pressure on gold. The indicators like RSI and MACD are demonstrating a robust bearish sentiment among investors. However, an upward trendline is also extending it support around 1,897 level. Gold's following support levels hold around 1,891 and 1,882, with resistance at 1,903 and 1,912 levels. All the best!

Upward Channel Supports Buying!

The EUR/USD closed at $1.2218 after placing a high of $1.2254 and a low of $1.2212. EUR/USD pair remained on the back foot on Tuesday amid the rising prices of the U.S. dollar. The U.S. Dollar Index measures the greenback value against the basket of six major currencies surgeon Tuesday and posted minor gains that lifted it towards 89.94 level and supported the greenback. The U.S. dollar was further supported by the hike in U.S. Treasury yields on Tuesday that closed at 1.61% after reaching the daily high at 1.63%. On Tuesday, the strength in the U.S. dollar added further pressure on the prices of the EUR/USD currency pair and dragged it downwards.

On the data front, at 12:15 GMT, the Spanish Manufacturing PMI remained flat with the expectations of 59.3. At 12:45 GMT, the Italian Manufacturing PMI also remained as expected 62.3. At 12:50 GMT, the French Final Manufacturing PMI came in as expected 59.4. At 12:55 GMT, German Final Manufacturing PMI surged to 64.4 against the forecasted 64.0 and supported Euro that caped further EUR/USD pair losses. The German Unemployment Change dropped to -15K against the projected -9K and supported the single currency Euro and limited the downward momentum in EUR/USD pair.

At 13:00 GMT, the Final Manufacturing PMI from the whole bloc also remained unchanged at 63.1. At 13:02 GMT, the Italian Monthly Unemployment Rate surged to 10.7% against the forecasted 10.1% and weighed on Euro that added further loss in EUR/USD. At 14:00 GMT, CPI Flash Estimate surged to 2.0% against the predicted 1.9% and supported Euro that capped EUR/USD pair losses. Core CPI Flash Estimate for the year remained flat with the expectations of 0.9%. The Unemployment Rate from the whole bloc dropped to 8.0% against the projected 8.1% and supported Euro and limited the downward momentum in EUR/USD pair.

From the U.S. side, at 18:45 GMT, Final Manufacturing PMI rose to 62.1 against the anticipated 61.5 and supported the U.S. dollar and added further pressure on EUR/USD pair. At 19:00 GMT, the ISM Manufacturing PMI surged to 61.2 against the predicted 60.8 and supported the U.S. dollar, which added further loss in the EUR/USD pair. The Construction Spending declined to 0.2% against the expected 0.5% and weighed the U.S. dollar that caped loss in EUR/USD pair. The ISM Manufacturing Prices rose to 88.0 against the predicted 88.9 and weighed the U.S. dollar and limited downside pressure on EUR/USD.

Meanwhile, On Tuesday, a digital COVID certificate system intended to ease travel within the EU became operational in seven countries. This showed a preview of what could become a standard for post-pandemic global mobility. The digital green certificate records whether people have been fully vaccinated against the coronavirus, recovered from the virus, or tested negative within 72 hours. Travelers can move freely if at least one of those three criteria is met. The European Commission, the bloc’s administrative branch, said that the system would be in use for all 27 EU countries as of July 1. This added strength in the single currency Euro and further caped loss in EUR/USD pair.

EURUSD Intraday Technical Levels

Support Resistance

1.2193 1.2243

1.2163 1.2263

1.2144 1.2293

Pivot Point: 1.2213

EUR/USD - Technical Outlook

The EUR/USD pair has begun trading with a bearish bias at the 1.2205 level after facing resistance at the 1.2263 level. On the 4 hour timeframe, the resistance level was extended by a double top pattern at 1.22653 level. The closing of the Doji candle below this is supporting bearish sentiment among investors. Therefore, the EUR/USD has taken a bearish reversal, and it’s gaining support at the 1.2205 level. Violation of this support level opens up additional room for selling until 1.2165 and 1.2133 support areas. On the 4-hourly timeframe, the EUR/USD is crossing below 20 and 50 periods exponential moving averages that are also adding into the bearish sentiment today. All the best!

Symmetrical Triangle Pattern

The BTC/USD was closed at$36672.6 after placing a high of $37624.8 and a low of $35928.0. Bitcoin came under pressure on Tuesday and dropped again to post a minor loss for the day amid a combination of factors, including strength in the greenback. The governor of the central bank of Sweden, Stefan Ingves, argued that bitcoin had become an asset to escape regulatory frameworks. At the same time, the finance minister of Sweden confirmed that the country was already looking into implementing tighter rules around cryptocurrency exchanges. These comments added pressure on BTC/USD and dragged its prices. The recent market crash was triggered after the CEO of Tesla, Elon Musk, suspended bitcoin payments amid environmental concerns, and China's restrictions added fuel to the fire.

According to Musk, the main reason behind halting Tesla's partnership with the world's largest cryptocurrency was the devastating effect of bitcoin mining on the environment. However, several crypto enthusiasts came forward to dismiss Musk's claims and bashed him. Among those, the CEO of Binance, Changpeng Zhao, criticized Musk and stated that it is environmentally friendly when Tesla uses electricity to run cars. When others use electricity to run the most efficient financial network globally, it becomes an environmental concern.

Meanwhile, news released by the automaker has revealed that the Daymak Spiritus will be the first automobile capable of mining bitcoin. The patent-pending technology would be the first of its kind to mark a major milestone in the innovation surrounding the bitcoin mining industry. According to the report, every Spiritus vehicle will be a node on the blockchain and include Daymak Nebula Miner and Nebula Wallet.

Furthermore, the average transaction costs on the two largest blockchains, Bitcoin and Ethereum, have dropped to their lowest levels since January. This came in after the latest massive price crash and recovery attempts in the market.

On the other hand, the highly successful author of Rich Dad Poor Dad series of personal finance books, Robert Kiyosaki, said that the price of bitcoin crashing was great news as he might buy some more. Later on, he implied that the cryptocurrency was overvalued. He said that when the price hits $27,000, he might start buying again. However, a lot will depend on the global macro-environment.

BTC/USD Intraday Technical Levels

Support Resistance

35858.8 37555.6

35045.0 38438.6

34161.9 39252.4

Pivot Point: 36741.8

BTC/USD - Technical Outlook

The BTC/USD is trading at 37,292 level, consolidating a narrow trading range of 40,100 – 33,500. The RSI and MACD indicators are tossing above and below their crossover levels, suggesting indecision among investors. Bitcoin's next resistance stays at 37,827, and break out of this level exposes the pair towards the 40,100 and 42,222 levels. At the same time, the support remains at the 33,521 level. The leading indicators have started shifting from the selling zone to buying zone on the hourly timeframe, such as RSI is crossing above 50 and BTC price is crossing over 20 EMA. The BTC/USD pair may find support at 36,835. Below these levels, the BTC's next support holds around 33,521. Conversely, the violation of 37,850 resistance exposes Bitcoin towards resistance areas of 40,100 and 42,221. All the best!

Choppy Sessions in Play

Gold remained firm on Monday amid the declining value of the U.S. dollar while the inflationary pressures lifted bullion’s appeal. The U.S. Dollar Index posted its second straight monthly decline and settled at 89.93 below 90 levels and added support to the rising prices of precious metal. The U.S. Treasury yield on a 10-year note also fell on Monday and reached 1.58% that added further pressure on the greenback and lifted gold prices even higher.

Another reason behind the upward momentum in gold prices on Monday was the latest economic data release from the world’s largest gold consumer nation. The Chinese data on Monday revealed that the Manufacturing Purchasing Managers Index (PMI) was 51 and the Non-Manufacturing PMI was 55, both indicated growth in respective sectors. The data was slightly lower than expected despite showing growth in the sector.

In the second-largest gold consumer country, India, the physical gold demand remained lower as well because jewellery shops remained closed amid the country’s coronavirus outbreak.

Another reason behind the latest upward momentum in gold prices could be the rising number of coronavirus from across the globe. According to the Johns Hopkins University, the total number of cases and fatalities surged above 170 M and 3.5M respectively on Monday. The new variants of coronavirus were spreading faster than ever before in several nations and pushed the global count above 170 M.

Meanwhile, a Chinese think-tank including members from regulators, academia, and financial institutions said in a report that the Biden Administration was unlikely to remove tariffs on Chinese goods in short-term, however, China and the U.S. might have found a middle ground by raising tariff exclusions as a way to reduce tensions.

The report also suggested that Washington might look to reduce the tariff burden through tariff exclusions as the United States was facing inflationary pressures in the first half of this year. Whereas, the Biden administration was conducting a comprehensive review of U.S. - China trade policy ahead of the expiry of the phase-1 deal at the end of 2021.

Moreover, many Federal Reserve officials have said that recent price pressures were already expected as the economy reopened and the demand surged, and they should prove temporary as supply shortage will soon abate. However, the latest data related to the PCE price index from the U.S. that Fed uses for its inflation target showed a surge to 3.6% from a year earlier, this was the biggest jump since 2008. The latest PCE figures suggested otherwise that price pressure could remain for a longer than expected time period and hence, the U.S. dollar weakened that pushed gold prices in the upward direction.

Gold Intraday Technical Level

Support Resistance

1905.94 1907.74

1905.12 1908.72

1904.14 1909.54

Pivot Point: 1906.92

Gold - XAU/USD - Technical Outlook

On Tuesday, the precious metal gold trades below the double top resistance level of 1,912 level. Gold’s immediate support holds around 1,899 levels, and violation of this exposes the previous metal towards 1,900 and 1,894 support. Gold’s resistance level stays at 1,911 and 1,920 today. The leading indicators such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are heading lower towards bearish areas. The crossover of RSI below 50 will add strong bearish pressure on gold. Therefore, bearish bias still dominates today. All the best!

Manufacturing PMI in Highlights!

After declining and moving red for three consecutive sessions, EUR/USD reversed its course on Monday and started a new week green amid weak U.S. dollar. The currency pair EUR/USD reached the 1.2233 level and recovered most of its previous 3-day losses at the starting day of the week. Euro turned positive against the U.S. dollar as the greenback came under fresh pressure after inflation bets increased following the release of the PCE Price Index. The U.S. Dollar Index fell to 89.84 level and remained below 90 through most of the day, indicating heavy selling pressure surrounding the greenback. The U.S. Treasury yields on a 10-year note also fell and reached 1.58% that added further downward pressure on the U.S. dollar and helped EUR/USD pair move higher for the day.

There was no macroeconomic data released from the United States on the data front due to the central bank holiday, but from the European side, following economic figures were released that had an impressive impact on the movement of the single currency Euro. At 12:00 GMT, the German Prelim CPI surged to 0.5% against the expected 0.3% and supported the single currency Euro and added further EUR/USD pair. The Spanish Flash CP for the year also rose to 2.7% against the projected 2.4% and supported the single currency Euro and pushed EUR/USD higher. At 13:00 GMT, the M3 Money Supply for the year declined to 9.2% against the forecasted 9.6% and weighed on the single currency Euro and caped further gains in EUR/USD.

Private Loans for the year rose to 3.8% against the predicted 3.4% and supported Euro and added further gains in EUR/USD pair. At 14:00 GMT, the Italian Prelim CPI dropped to 0.0% against the projected 0.1% and weighed on Euro and limited the rising EUR/USD pair prices.

Meanwhile, on Monday, the EU Commission said that the reduction in deliveries of coronavirus vaccines from Johnsons & Johnsons to EU member states was only temporary, and the company was still due to meet its contract for total doses by the end of this year.

A spokesman for the European Union executive told a news conference that member states were informed of certain delays in the delivery of J&J shots and expressed concerns. The reduction was temporary, and full deliveries will recover soon. After this news, the Euro saw a renewed strength against the U.S. dollar and added further EUR/USD pair gains.

Furthermore, the tensions between the U.S. and EU rose over the weekend after Danish public broadcaster Danmarks Radio said that the United States used a partnership with Denmark's foreign intelligence unit to spy on European leaders, including German Chancellor Angela Merkel.

According to the report, the findings were the results of an internal investigation conducted by the Danish Defence Intelligence Service in 2014 & 2015. The U.S. and Director of National Intelligence (DNI) officers have declined to comment on this report. However, after this report, EUR/USD saw a surge in its prices.

EURUSD Intraday Technical Levels

Support Resistance

1.2184 1.2200

1.2177 1.2209

1.2168 1.2216

Pivot Point: 1.2193

EUR/USD - Technical Outlook

The EUR/USD pair has begun trading bullish at the 1.2238 level, facing next resistance at the 1.2263 level. On the 4 hour timeframe, the resistance level is extended by a double top pattern at 1.22653 level, and breakout of this extends upward movement until 1.2348 level. The pair has concluded series of Doji and bullish engulfing candlesticks that are suggesting bullish bias among investors. On the downside, the pair's support stays at 1.2205 and 1.2133 level. The bullish bias remains dominant today. All the best!

Symmetrical Triangle Pattern! 

The DOGE/USD was closed at $0.325500 after placing a high of $0.325500 and a low of $0.296110. After declining and posting minor losses for four consecutive sessions, DOGE/USD reversed its course on Monday and turned green amid the improved market sentiment.

Barry Silbert, the CEO of the Digital Currency Group, has revealed that he believes the meme-inspired cryptocurrency Dogecoin was not worth $37 billion. The firm's CEO behind crypto industry giants like Grayscale Investments and CoinDesk noted that the DOGE was a cryptocurrency that will certainly not go away because of its passionate community.

The meme-based cryptocurrency surged this year after Tesla CEO and various celebrities supported it on social media. Silbert argued that DOGE getting closer to $1 was a clear sign of being in a bubble, even though he said he was genuinely excited to see what DOGE could become over time.

The Digital Currency Group CEO also forecasted a significant crash to the price of Dogecoin and said that the market capitalisation of the cryptocurrency would ultimately go back to under $1 billion. This means the price of the meme-based cryptocurrency will drop from its current $0.30 to $0.01.He further called DOGE the ultimate momentum gamble trade. Despite his negative comments, DOGE continued its bullish momentum on Monday and recovered a small portion of previous losses.

Meanwhile, the co-creator of the meme-inspired cryptocurrency DOGE, Billy Markus, argued that the price on one DOGE hitting a dollar would not be a success, as those who bought it at a place would like to see it hit $10 and so on. He added that success was not defined by Doge getting closer to a dollar, but the success was about people doing well in this community, growing, learning, being good.

On the other hand, the DOGE/USD also saw some recovery on Monday amid the declining prices of the greenback. The greenback remained on the back foot as DXY posted a second significant monthly decline and reached near 89.82 that added heavy pressure on the greenback. The U.S. Treasury yields on10-year note also fell and added extra pressure on the U.S. dollar that pushed DOGE/USD higher on board as both are negatively correlated.

DOGE/USD Intraday Technical Levels

Support Resistance

0.291494 0.309934

0.281137 0.318017

0.273054 0.328374

Pivot Point: 0.299577

DOGE/USD - Technical Outlook 

The DOGE/USD pair's technical side hasn't changed much, as is trading sideways at the 0.3218 level. On the 4 hour chart, the pair has formed a symmetrical triangle pattern that demonstrates indecision among traders. It looks like the traders are still waiting for a solid reason to trigger a breakout in Doge. Typically, the symmetrical triangle breakout on either side, depending upon the news release; therefore, the traders will be keeping a closer eye on the pair to capture any significant price action. The DOGE/USD has immediate support at 0.3096, and below this, the next support stays at 0.2837 and 0.2477. Conversely, the resistance holds at 0.3459. All the best!