Daily Outlook

S&P 500 retreats from 5-month highs, EURUSD test 1.13, Bitcoin stays above $5000

Stocks Asian indices traded mixed on Tuesday: Nikkei225 declines against the background of a rising yen, while China A50 almost completely offset Monday’s decrease.

US markets also show near zero dynamics. However, intraday fluctuations point to a positive. The S&P 500 touched 5-month highs, but the main impulse came at the end of yesterday’s trading when professional participants dominated the market. Note that this is an important signal related to the general mood of the markets.

EURUSD EURUSD is growing to 1.1280, in the form of echoes of the reaction to the sluggish labour market data. The upper limit of the descending channel passes near 1.13000, prevailing since the beginning of the year. The next ECB meeting will be held tomorrow, which is able to determine the future fate of the currency pair.

Bitcoin Bitcoin continues to excite market participants. Optimists are confident that the very fact that prices are kept above $5000 confirms: current levels do not look high enough to take profits.

Simply put, the lack of correction strengthens hopes of reaching $6000 in the near future. However, if you look at the relative strength index RSI, you can see that it has decreased from 87 to 73, which indicates the attenuation of the pulse. In addition, the 200-day moving average, which passes through $ 5,300, remained unattainable for Bitcoin.

Alexander Kuptsikevich, the FxPro analyst

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