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EURUSD Daily
And support at 1.17100 held today, confirming Overall sentiment – Bullish…as always
EUR took over first resistance at 1.17600 and is just below next one at 1.17900
But the most important one awaits at 1.18300, followed by 1.18550 – EUR has to overcome both to avoid creation of the double top and to continue its rally.
Supports that must hold for this scenario are: 1.17600 & 1.17200
ETHUSD – Ethereum
Ether is now testing channel support line at 3550.00
It doesn’t look good right now, and lots is depending on tonight’s close – above or below it…
If below, road would be open for 3295.00 support and even 2945.00
On the big picture, failure to overcome 4.100.00 might send it all the way back to everything between 1.000.00 and 1.500.00
So, as long as Ether manages to close this month above 2945.00 it would have a chance to deal with 4.100 next month….
On the brighter note, close of this week above 3.200.00 would still keep it in the Bullish mode.
BTCUSD – Bitcoin
As I said yesterday, after breaking the resistance at 119.720 BTC will be facing next hurdle at 121.000
Now to take that one over, it has to close tonight just above 118.500/600 and create a pattern for next leg Up.
Supports: 118.000, 117.475 & 116.100
Resistances: 120.300, 121.000 & 122.250
However in case BTC fails to break Up from here, it would go for a test of Support at 108.450
Oil Futures Remain Lower After U.S. Crude Stock Draw
Oil futures stay in the red after a bigger-than-expected drop in U.S. crude oil inventories. The U.S. trade deal with Japan with a 15% tariff is positive for the U.S. economy but “will likely be a non-event as far increasing crude exports,” Dennis Kissler of BOK Financial says in a note. The market is awaiting more news on Russia/Ukraine and if the EU and U.S. sanctions become a reality, he says. The EIA reported a 3.2 million decline in crude stocks and a 1.7 million barrel draw in gasoline, while distillate inventories rose by 2.9 million barrels. WTI and Brent are off 0.5% at $64.99 and $68.24 a barrel, respectively.
Brent Crude Oil Chart
US Stocks Gain on Positive Trade Developments
US stocks were higher on Wednesday, with the S&P 500 rising 0.3%, the Nasdaq edging up 0.1%, and the Dow Jones jumping more than 250 points.
The gains followed fresh record closes for the S&P 500 in back-to-back sessions.
Investor sentiment was buoyed by renewed trade optimism after President Trump announced a deal with Japan that would lower tariffs from 25% to 15%.
Japan also committed to investing $550 billion in the US and opening its markets to key American goods.
Additionally, a trade agreement with the Philippines was announced, while hopes are growing that a deal with the EU may soon be reached.
Health and industrials were the top performing sectors while communication services underperformed.
Meanwhile, earnings season remains in focus.
Alphabet (-0.1%), Tesla (-0.5%), T-Mobile (-0.2%), and IBM (0.9%) are set to report after the opening bell.
Texas Instruments plunged 11% after issuing a weak earnings outlook, while AT&T dropped 2.9% despite beating earnings expectations.
S&P 500 Chart
FTSE 100 Rises to Fresh Record
The FTSE 100 closed at a record high for the third session on Wednesday, lifted by optimism over progress in US trade talks.
Sentiment improved after the US and Japan reached a trade agreement that imposes 15% tariffs, avoiding a previously planned 25% rate.
The deal also includes a $550 billion fund for US investments.
Informa led gains, jumping over 5%, after upgrading its full-year underlying revenue growth forecast to over 6%, driven by 20% revenue growth and stronger-than-expected margins in the first half.
The firm also announced £150 million in additional share buybacks.
Major stocks like AstraZeneca (3%), Shell (1.3%), GSK (1.8%), and BP (0.7%) also supported the index.
FTSE Chart
XRPUSD
I warned yesterday : XRP has to take out 3.6660 in next 24h or will risk a correction towards 3.0550
It couldn’t do it , so here we go – almost 10% dive instantly.
So far XRP found some support at 3.2000 , but this formation indicates probable start of a correction over next several days.
Resistance: 3.4000, 3.5000 & 3.6000
Supports: 3.2000, 3.1000 & 3.0550
U.S. Treasury Yields Rise as Risk Appetite Dims Demand
U.S. Treasury yields rise in midday European trade, as better risk appetite takes a toll. “Risk appetite could be fueled by positive developments around trade negotiations and could weigh on bonds,” Excess’ Dat Tong says in a note. “In this regard, yields could react to any developments or setbacks in trade negotiations,” the senior financial markets strategist says. In the most recent development, the U.S. and Japan agreed on a trade deal, with President Trump confirming a 15% tariff on Japanese exports. The two-year Treasury yield is up by 2 basis points at 3.849%, while and the 10-year yield rises 3.8 basis points to 4.373%
US10Y Yield Chart
Hong Kong Stocks Advance on US-China Talks, US-Japan Tariff Deal; Nio, Xpeng Rally
Hong Kong stocks continued their winning streak on Wednesday amid positive developments in global trade talks, including a tariff-cutting agreement between the US and Japan.
The Hang Seng Index gained 408.04 points, or 1.6%, to close at 25,538.07, while the Hang Seng China Enterprises Index (HSCEI) advanced 165.60 points, or 1.8%, to 9,241.20.
US President Donald Trump announced a trade framework with Japan, imposing a 15% tax on goods imported from the Asian nation. The new tariff is way below the 25% rate Trump had said he would levy on Japanese imports.
Meanwhile, US Treasury Secretary Scott Bessent said in a Fox Business interview that he would meet Chinese officials in Stockholm next week for a third round of trade negotiations.
A 90-day tariff suspension between the two countries is set to expire on Aug. 12, following earlier talks in Geneva and London that led to partial tariff rollbacks.
Trump also said he may visit China soon, describing it as a “not-too-distant” trip aimed at addressing trade and security tensions.
In corporate movers, Nio NIO advanced to close 9% higher as auto stocks tracked gains after the US and Japan sealed a tariff-cutting trade deal.
Xpeng XPEV gained about 3% on the same momentum.
Nio Chart
Bitcoin Price, XRP Fall. Why the Crypto Rally Is Stalling
Bitcoin and most other cryptocurrencies were falling on Wednesday. The announcement of a U.S.-Japan trade deal appeared to boost stock markets but cryptos weren’t beneficiaries.
While futures on the Nasdaq 100 rose 0.2% in premarket trading, the sentiment boost didn’t really translate to cryptocurrencies. That could be down to crypto’s strong recent rally — Bitcoin is up more than 10% in July, while popular altcoin XRP has climbed 55% over the same period.
Bitcoin’s price was down 0.5% over the past 24 hours early on Wednesday, at around $118,346, falling from its 24-hour high of above $120,000. The world’s largest cryptocurrency hit a record high of $123,166 last week amid excitement over crypto-related legislation championed by the Trump administration.
Several large altcoins were falling. Ether dropped 0.8%, XRP fell 1.3%, and Solana dropped 0.5%. Memecoin Dogecoin was down 4.3%.
“It seems that we are seeing calendar rhythms, with increased inflows at the beginning of the month and caution at the end,” wrote Alex Kuptsikevich, chief market analyst at FxPro, in a research note. “Cryptocurrencies are ignoring the positive sentiment on the stock markets: technical factors are temporarily dominating the agenda.”
While the U.S.-Japan deal has little direct effect on the cryptocurrency market, reduced trade tensions could increase confidence in investing in volatile assets, such as cryptocurrencies.
Meanwhile, there continue to be signs of further interest in cryptocurrency from traditional financial institutions. PNC Financial Services Group and Coinbase Global said Tuesday they will partner and offer services to each other. PNC will use the “Crypto-as-a-Service” platform of Coinbase, the largest cryptocurrency exchange in the U.S., to offer crypto access for its clients.
BTCUSD Chart
Ethereum Adoption Accelerates As Daily Transactions Set 2025 Record
Ethereum is currently consolidating between $3,600 and $3,850 after an explosive rally that saw the second-largest cryptocurrency surge more than 80% since late June. Despite the brief pause in upward momentum, ETH remains in a strong technical position, holding above key support and showing signs of sustained bullish control. This period of sideways action could be a healthy reset, allowing the market to absorb recent gains before initiating the next leg up.
What’s fueling the optimism is not just price action, but a supportive macro and regulatory environment. Ethereum fundamentals continue to strengthen, with rising on-chain activity, institutional interest, and long-term holders accumulating. Adding to the bullish case is the growing legal clarity in the US, which is creating a more stable environment for crypto innovation and investment. As regulatory fog lifts, many investors now believe that Ethereum could lead the charge into what some analysts are calling the beginning of an altseason.
Ethereum Transactions Surge As Adoption And Momentum Accelerate
Ethereum is showing strong signs of renewed momentum as key network activity hits levels not seen in years. According to data from The Block, Ethereum daily transactions just reached a multi-year high of 1,510,000—the highest since 2021. This surge points to rising adoption across the network, with increased activity from both retail and institutional participants. Analysts suggest that this spike in transaction volume is more than a temporary trend; it may signal the beginning of a much larger phase in Ethereum’s growth cycle.
The renewed activity aligns with broader market movements and increasing confidence in Ethereum’s long-term value. Institutional players are beginning to accumulate ETH, while smart money continues to position for upside. These inflows come at a time when Ethereum is consolidating just below major resistance levels, offering what many see as a key entry zone ahead of further price appreciation.
Notably, Ethereum is now outperforming Bitcoin and much of the broader crypto market. This relative strength is significant, as ETH often leads the altcoin market during bullish phases. As the cycle progresses, Ethereum’s combination of strong fundamentals, rising utility, and institutional adoption is making a compelling case for continued growth.
Ethereum Holds Above Support After Rally, Eyes Next Breakout
Ethereum (ETH) continues to trade within a key range following a strong rally that pushed the price from below $2,500 to over $3,750 in just a few weeks. As of today, ETH is consolidating around $3,660 after being rejected near $3,742—a major resistance level seen since early 2024. The current weekly candle shows a long upper wick, indicating profit-taking at the top of the range, but price remains supported above the critical $2,852 level, now acting as a flipped support.
The rising volume seen during the recent breakout suggests strong participation from buyers, and price action remains bullish as long as ETH holds above its key moving averages. The 50, 100, and 200-week SMAs are all aligned below current price levels, providing structural support and reinforcing the bullish trend.
Traders are now closely watching for a decisive breakout above the $3,742 zone. If ETH clears that resistance, the next logical targets lie in the $4,000–$4,200 range. On the downside, a breakdown below $2,850 would invalidate the recent breakout structure.
Using my platform as a Heatmap shows…
.. a risk on mood following the announcement of a trade deal with Japan
The dollar trading mixed, up with the AUD and NZD, outperforming, EUR slipping, USDJPY back near unchanged after trading higher overnight
GOLD is steady after rising sharply yesterday
US stocks are up
US bonds are down (yields higher)
9 days until the August – trade/tariff deadline ends … everything is relative in the Trump tariff world when a 15% tariff rate for Japan with promises is seen as relief and a positive
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