Forex Signals Brief for June 25: Bitcoin Recovery Gains Steam
Rowan Crosby • 1 min read
Markets were bullish yesterday with equities ticking higher, while Bitcoin once again continued with its sharp recovery.
While jobless claims came in weaker than expected, it didn’t bother the likes of the NASDAQ and SPX, which jumped back to record levels, while the USD was stagnating. The BOE met and were a little worried about inflation but not enough to indicate there would be any meaningful changes just yet.
Bitcoin is in the green for another day and continues to drag the entire sector higher. Price is back above $35,000 after dropping under $30,000 only days ago.
The Data Agenda
Data is very light today and there isn’t anything by way of top-tier data worth noting.
Forex Signal Update
The FX Leaders Team had a quiet session, closing the one signal in the USD/CAD.
XRP – Active Signal
XRP continues to tick higher and is trading around the 0.67 level. At this stage, we should see resistance at current levels and also at 0.80.
EUR/USD – Active Signal
The EUR/USD is banging up against the 1.2000 and so far it remains bearish thanks to the uptrend in the USD.
The BTC bounce from the $30,000 level to $35,000 continues to gain a lot of steam.
We will be watching how this plays out very closely as we know there is plenty of resistance above where price is currently.