Insights from the Market Desk by FenzoFx.com

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EURUSD Analysis





FenzoFx—EURUSD is trading bullishly but has eased after hitting a high of $1.1470. Currently, it trades sideways near $1.1342. Despite the bullish trend, the pair is overbought and may dip below $1.1296 toward $1.1296 support.

If bulls close above $1.1470, a further rally could target $1.1710.


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Ethereum is Bearish: Watch this Resistance Level






FenzoFx—Ethereum is trading sideways, stabilizing above the 50-period SMA but has yet to form higher-highs. While the price remains above $1,755, the primary trend is considered bearish. A drop below this resistance could push the price toward $1,370 support.

On the other hand, if bulls manage to close above $1,755, a bullish wave could emerge, setting $1,950 as the next target.

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Bitcoin Bulls Pave Path to $100,000



FenzoFx—Bitcoin is trading bullishly, staying above the 50-period SMA and the 81,160 support. Currently, it hovers around $85,650, testing resistance. As long as prices hold above 81,160, the next target could be $88,650.

However, if bears push below $82,811, consolidation may occur, with support at 81,160.

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Litecoin's Uptrend Eased at $80.0




FenzoFx—Litecoin climbed from $64.45 but faced resistance at $80.0, easing its uptrend. It currently trades at $77.9, slightly below this resistance. The 4-hour chart indicates a bullish trend, with prices above the 50-period simple moving average. Bulls need to close above $80.0 to target $88.5.


Immediate support lies at $76.4. A drop below this level could trigger a bearish wave, pushing LTC toward $71.0.

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NATGAS Analysis





FenzoFx—NATGAS failed to stabilize below the $3.43 support, resulted in the prices to bounce. As of this writing, Natural Gas trades slighlty above the support. From a technical perspective. The recent bounce in the price couldn't form a new higher high. Therefore, it is expected for the prices to fall.

But, bears must close and stabilize below the $3.43 support for the downtrend to resume. In this scenario, the next bearish target could be $3.08.


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Crude Oil Analysis



FenzoFx—Crude oil tested the $58.9 level as support and bounced back from it. The primary trend is bearish; therefore, it will likely resume if the price closes and stabilizes below this support.


If this scenario unfolds, the next bearish target could be the $55.15 support level.

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GBP/JPY Analysis




FenzoFx—The GBP/JPY currency pair bounced from 184.42 due to RSI 14 being oversold. As of now, it trades near 187.7, having erased 1.0% of recent gains.

The trend remains bearish with prices below the 50-period simple moving average and the 50.0% Fibonacci resistance level at 190.2. Support is at 187.0, and a drop below this could target 184.42.

However, if GBP/JPY surpasses 190.2, bullish momentum may extend to 192.0.

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Ripple (XRP) Analysis





FenzoFx—XRP/USD has gained 23.0% since April 7, testing $1.999 as resistance. A close below this level could trigger a new bearish wave, targeting $1.736.


Conversely, if the price exceeds $2.10, the bullish momentum could potentially extend to $2.218.

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Ethereum Analysis





FenzoFx—Ethereum has lost 4.5% of its value today, erasing gains from the previous trading day. The immediate resistance level is $1,755, in conjunction with the 50-period SMA. The downtrend will likely resume if this level holds, targeting the previous lower lows at $1,370.


Please note that the bearish outlook should be invalidated if ETH/USD exceeds $1,755. If this scenario unfolds, the price may target $1,950.

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Bitcoin's Double Bottom Pattern Came into Play





FenzoFx—Bitcoin jumped upward from $74,475 support as expected due to the formation of a double bottom pattern on the 1-hour chart, which is a bullish signal. As of this writing, the price is stabilizing and testing the $81,160 mark as support.


However, the 50-SMA on the 1-hour chart serves as the pivot point between the bull and bear market. The next bullish target could be $84,730, followed by $88,000 if BTC holds above the discussed moving average.