Euro Jumps on Draghi as Cryptocurrencies Try to Rebound after Monday Massacre | Hacked: Hacking Finance
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Analysis

Euro Jumps on Draghi as Cryptocurrencies Try to Rebound after Monday Massacre

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Euro Jumps on Draghi as Cryptocurrencies Try to Rebound after Monday Massacre

Introduction

This article was posted on Tuesday, 15:33, UTC.

Tuesday Market Recap

Asset Current Value Daily Change
S&P 500 2433 -0.10%
DAX 12696 -0.58
WTI Crude Oil 44.09 1.64%
GOLD 1251.00 0.30%
Bitcoin 2365 -5.13%
EUR/USD 1.1277 0.86%

Both fiat and cryptocurrencies are very active today, as “Super Mario” Draghi gave a boost to the Euro on the central bank summit when he hinted on the European Central Bank following the Fed in its tightening journey after speaking optimistically about the growth prospects of the Eurozone. The ECB has always been infamous for being “behind the curve”, like hiking rates in 2008 and 2011, and now once again, it seems that the deterioration in economic numbers (the US Consumer Confidence index also missed today) is no big deal when it comes to following the big brother of central banks. Crypto-coins are trying to find footing after yesterday’s steep drop, but the selling pressure is still apparent in the segment.

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EUR/USD 4-Hour Chart Analysis

Gold recovered above $1250 after yesterday’s flash crash, and oil also got a boost from the weakness in the Dollar, with the WTI contract creeping back to $44 per barrel from its lows around $42 last week. European stock markets are lower again as the Euro’s rally weighs on them, while the major US benchmarks are little changed, with only the NASDAQ resuming its slide. All in all the market still looks shaky, and a deeper correction wouldn’t surprise us in the coming weeks.

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Cryptocurrencies

Ethereum led yesterday’s bounce off the short-term panic lows, but the coins are not out of the woods yet, with the short-term trend still being negative. The long-term picture is approaching neutral now, and a bottoming process might already be in the works. Dash is still looking relatively strong, while the other majors are trading near their lows today. All eyes are still on Ethereum and Bitcoin as correlations remain elevated as several players are still liquidating holdings.

Ethereum, 4-Hour Chart Analysis

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Technical Picture

The German benchmark is on the verge of breaking below the dominant long-term trend channel, as we expected, with the words of Mario Draghi pushing the index back towards the 12,650 support. The test of the 12,500 level still looks likely in the coming days, especially if the NASDAQ continues to lag the other global benchmarks.

DAX Index 4-Hour Chart Analysis

Key Economic Releases on Tuesday

Time, CET Country Release Actual Expected Previous
10:00 UK BOE Financial Report
14:30 US CB Consumer Confidence 115.9 116.1 117.9

Key Economic Releases on Wednesday

Time, CET Country Release Expected Previous
10:00 EUROZONE M3 Money Supply 5.0% 4.9%
14:30 US Goods Trade balacne -66.2 bill -67.1 bill
15:00 US Pending Home Sales 0.9% -1.3%
16:30 US Crude Oil Inventories -2.1 mill -2.5 mill

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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