Bitcoin rallied again during the trading session on Wednesday, as it looks like we are going to threaten that huge wick from three sessions ago.
The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
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The euro fell initially during the trading session on Wednesday to reach down towards the psychologically important 1.20 level.
The British pound pulled back ever so slightly against the US dollar during the trading session on Wednesday, as it looks like we are trying to reach towards the bottom of the bullish channel that I have drawn on the chart.
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Price now threatening psychologically important 1.2000 area.
The GBP/USD price is under pressure ahead of the first Bank of England (BOE) interest rate decision of the year.
The Bitcoin price rallied in overnight trading on renewed demand for cryptocurrencies.
Only a couple of days ago, ETH/USD appeared caught in what seemed to be a dangerous cycle as resistance proved difficult for a moment.
The USD/JPY has found itself engaged within a developing bullish movement which needs attention by speculators if they have not been looking at the Forex pair.
Speculators love to take advantage of long-term trends, but often are challenged by sudden reversals which frequently pester Forex pairs.
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The USD/INR has been able to sustain its lower value range the past couple of days, but support below has also proven rather strong and has produced a couple of reversals higher.
Bulls need to hold $35k area to sustain momentum.
Gold is being sold amid the recovery of the US dollar, with gold falling to the $1830 level before settling around $1844 as of this writing.
The GBP/USD pair has been under downward pressure, pushing it towards the 1.3611 support level before settling around 1.3670 at the time of writing.
The USD/JPY is moving in an upward correction path this week that has tested the 105.17 resistance level, its highest in over two months, before stabilizing around 105.95.
As we await of the release of Eurozone inflation figures, the EUR/USD is struggling not to collapse below the 1.2000 psychological support level.