Take the super long term #EURUSD chart with a grain of salt, but beside the usual fib levels, the region around 1.15 also seems interesting.

For the next few months or even years, the Jul.2006 top is much more relevant. Off that top the #euro falls against the #dollar in a very corrective fashion and I can argue for a #Elliottwave diagonal being completed. As long as 1.05 holds, immediate path to the upside should reach 1.16 minimally, while 1.24 seems to be a strong resistance.

Back on Binance one can take advantage of the Zero Fee Promotion for the EUR/USDC trading pair. Even with sippage due to low volume, it still has a very interesting structure on the hourly: a flat correction retracing 0.618. I would watch the last two lows, 1.06 and 1.03, closely if attempting long #EUR

$EUR $USDC

The Nigerian currency, the naira, has recorded a good performance at the official foreign exchange market Data shows that the Naira increased in value by 51.38% against the US #dollar at the investors' and exporters' window This followed the Central Bank of Nigeria's promise to continue intervention in the forex markets to help the naira.

Speaking with journalists at the end of the 2-day Monetary Policy Committee meeting on Tuesday, July 25, 2023, the acting Governor, Folashodun Shonubi said: "The role of the central bank is to intervene and keep the market at a fairly stable level. We have our views as to what that level is, and as the market continues to oscillate around that level, if there's a need for us to intervene either by buying or selling, that's the role of the central bank, and we will continue." Data obtained from FMDQ securities that tracked the naira performance at the investors and exports window shows the naira closed at N740.08/$1 on Wednesday. This represents a massive N51.34 or 6.5 percent improvement when compared to Tuesday's rate of N791.42/$1. During trading on Wednesday, there was an increase in liquidity thanks to CBN intervention as the market FX trades rose by 197.3 percent or $101.73 million to $153.28 million from $51.55 million on Tuesday. Nairto dollar black market rate It was a mixed performance for the naira at the unofficial markets.

But in the parallel market, the Naira lost N3 against the American Dollar to trade at N870/$1 compared with the preceding session’s N867/$1. CBN speaks on license status of 2,698 BDCs as Naira falls again The Central Bank of Nigeria has responded to reports that it withdrew over 2,000 Bureau de Change operators' licenses The reports of withdrawal come amid the continued depreciation of the naira at the official and black markets The #CBN and the Bureau De Change Operators of #Nigeria spoke with Legit.ng to set the records straight

Fidelity macro expert Jurrien Timmer says that a Fed pivot back to lower interest rates could ignite fresh bull markets for gold and #bitcoin (#BTC ).

Timmer points out to his 162,000 Twitter followers that gold and Bitcoin have outperformed virtually all other financial assets so far this year.

He says an economic scenario could develop whereby the US government decides it must lower interest rates in order to make it easier to address its debt.

According to Timmer, a Fed pivot could hurt the dollar and push BTC and the precious metal skyward.

“If the country develops an urgent need for lower rates to pay for the massive debt stock, that could undermine the Fed’s autonomy. In such a scenario, it would be easy to see the #dollar weaken and real rates get suppressed once again. That would trigger two of gold’s main drivers. And if Bitcoin is gold’s high-octane cousin, it makes sense that Bitcoin is along for the ride.

History shows that when debt burdens become excessive, that debt needs to be devalued, or outgrown by rising nominal GDP (gross domestic product). The 1940s were a useful history lesson in that regard. Below-market rates may once again become the lowest hanging fruit for policymakers on both sides of the aisle looking to preserve their spending power in an era or rising debt costs. Maybe this is what gold and Bitcoin are telling us?”

Timmer also says that the Fed is historically already being “moderately restrictive” when it comes to monetary policy. However, the macro expert believes that inflation is already retreating, which suggests that a #Fed pivot could be near.

At time of writing, Bitcoin is trading at $26,845.

source: dailyhodl

image source: ai

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.