The cryptocurrency market has been an area of significant interest and growth in recent years. Among the various digital currencies, Bitcoin (BTC) and Ethereum (ETH) have emerged as frontrunners, continuing to demonstrate their strength and stability. Additionally, despite a lower Purchasing Managers' Index (PMI) trend, the Euro (EUR) has displayed remarkable resilience in the financial landscape.

The EURJPY Performance

PMI readings for services, manufacturing and composite are lower at the moment, looking forward to July’s readings to see if there is any improvement. Price has trended upward above several annual pivot points, indicating that the EUR is dominating the movement.

EUR is also trending above the 52-week average and has broken the Fibonacci fan indicating the strength of the buyers. We are looking for 2 Targets at 159.881 &162.683. A bullish expanding triangle has formed on the H1 & H4 timeframe indicating more upside. We patiently wait for the breakout at the price point of 157.841.

The ETHUSD Performance

Currently trending above 2 monthly pivot points and consolidating a daily on a daily frame between several key levels. Price has had 2 highs already on the higher time frames at points 1956.73 and 2108.62. We saw the price peak its head over 1956.73 and close with a strong bullish candle.

We need to start monitoring these more closely, if we close above 1956.73, the buyer’s zone would be entered, and an entry would be analysed for traders. A break above both these highs would be an entry for traders to take it up to target 3061.71, however, entries will be discussed the closer we get to that level of breakout. It is still trending above the 52-week average giving us an indication that the dominating movement at this point is bulls. The ETH continues to entice traders.

The BTCUSD Performance

Overall, we are still in the retracement phase on Bitcoin overall, our initial support at 26130.97 maintained strength. The Falling Wedge seen on the support level 26130.97 was broken and sustained by two weeks of buyers pushing the price up. We are hovering at the door of 31816.52. If the price breaks and closes above level 42547.38. The setup for the buyers seems to be complete now but still requires more patience for price action to occur.

Read More: EURUSD Completes The Correction

Final Thoughts On Today’s Analysis 

The cryptocurrency market, led by BTC and ETH, continues to demonstrate its strength and stability. The growing acceptance of cryptocurrencies by traditional financial institutions and the widespread adoption of blockchain technology contribute to their ongoing success.

Meanwhile, the Euro has exhibited remarkable resilience in the face of a lower PMI trend, thanks to proactive monetary policies, a diversified economy, and its status as a global reserve currency. These factors highlight the endurance and potential of both the cryptocurrency and fiat currency sectors in today's dynamic financial landscape. Watch our YouTube channel to learn more about our analysis.