Solid ECN—The EUR/USD currency pair shows signs of consolidation after the price peaked at 1.092 and formed a shooting star candlestick pattern on the 4-hour chart.
Moreover, the Awesome Oscillator and the momentum indicators also show signs of a short-term bearish trend that might result in the price testing the 1.086 resistance level, followed by the 38.2% Fibonacci at 1.082. These levels could provide a decent bid price for retail traders to join the bull market.
If the bears (sellers) push the price below the ascending trendline, the bull market will be invalidated.
Solid ECN—The USD/JPY price has fallen below the ascending trendline and the 157.6 resistance level, currently trading around 157.0 in today's session.
Technical indicators on the daily chart suggest that the downtrend will likely resume following this breakout. From a technical standpoint, the immediate resistance is at 158.8. With the price remaining below this level, the next bearish target is anticipated at the 155.6 resistance.
However, should the USD/JPY price rise above the immediate resistance, the bearish scenario will be invalidated, potentially paving the way for a bullish advance toward the 160.3 resistance.
Solid ECN—Ethereum trades in a bullish flag pattern, testing the 61.8% Fibonacci level. The momentum indicators suggest the ETH/USD market is overbought. Therefore, we expect the price to consolidate near the lower line of the ascending trendline.
If the price dips to near the middle line of the Donchian channel, at approximately $3,345, retail traders can find new, low-risk opportunities to join the bull market. Consequently, we suggest waiting patiently for the market to consolidate and monitor the key support levels for bullish signals.
However, the bull market should be invalidated if the price dips below the ascending trendline.
Solid ECN—Ripple is in an uptrend, trading at approximately $0.62 in today's session. The recent bullish trajectory has driven the XRP/USD pair into overbought status, as both the RSI and Stochastic oscillator hover above 70 and 80, respectively.
If the bars turn red, the Awesome Oscillator could form a twin peak signal. If this happens, the Ripple price could dip to $0.56, providing a low-risk and decent bid to join the bull market.
Traders and investors should note that trading in an overbought market is not advisable. Furthermore, the bullish scenario will be invalidated if Ripple dips below the key resistance level at $0.56 and the ascending trendline.
