The currency market witnessed notable movements today as the anticipation for central bank decisions continues. The euro against the US dollar (EUR/USD) remained stable near the 1.0900 level after a failed attempt to break the resistance at 1.0950. Technical indicators such as RSI and MACD show neutral signals with a slight downward bias, indicating the possibility of a short-term correction.
On the other hand, the US dollar against the Japanese yen (USD/JPY) recorded an upward movement towards 158.30 supported by rising US bond yields, while the strong resistance at 158.70 continues to pose a barrier to the ongoing upward trend.
Conversely, the British pound (GBP/USD) maintained its trades above 1.2950, as traders await British inflation data to be released later this week, which could lead to significant volatility.
In the realm of cryptocurrencies, Bitcoin (BTC) is still moving sideways above the $64,000 level, with weakening momentum, which may pave the way for a sharp movement soon, either up or down.
We recommend caution and following short-term trading strategies until the trends become clearer in the coming days.
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