J.J. Edwards’ Expert Market Analysis at FenzoFx

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Ripple (XRP) Could Rally If Support Holds

FenzoFx—Ripple (XRP) has extended its downtrend from 2.650 to the key support at 2.30. XRP is currently trading slightly above this level. The smart money index reads 1.28, matching prior lows where price previously bounced. Support remains at 2.26. As long as XRP stays above this, a move toward the 2.44 resistance is likely.

Bearish Scenario: A drop below 2.26 would invalidate the bullish outlook, potentially opening the path to 2.06.

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ETH/USD Technical Analysis

FenzoFx—Ethereum is retesting last week's low at 2,330 in today's session. A bullish candlestick pattern formed on Sunday after the price touched this support.

Ethereum is now trading around 2,400, showing strength in the London session. The outlook remains bullish above 2,330, with a potential target of 2,588, possibly during the New York session.

Bearish Scenario: A drop below 2,330 would invalidate the bullish view, likely resuming the downtrend toward 2,200.

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Ethereum Turned Bullish After It Tested Last Week's Low

FenzoFx—Ethereum resumed its bullish trend after testing last week's low at 2,340. Price action and candlestick patterns support the current momentum. 

The Stochastic Oscillator at 65.0 suggests the market is not overbought, indicating a likely continuation of the uptrend. The next bullish target is last week's high at 2,755.

Bearish Scenario: If ETHUSD falls and holds below 2,340.0, the downtrend from 2,755 may extend to 2,130.0.

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LTC Once Again Presents a Buying Opportunity for Scalpers

FenzoFx—Litecoin once again is testing the $93.0 resistance area, while the price has been below the 50-period simple moving average. This level hasn't been fully tested; therefore, if it holds, LTC will likely rise toward the $100.0 resistance.

Please note that a new bearish wave toward $88.0 could develop if LTC/USD dips and stabilizes below the aforementioned support area.

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Litecoin Technical Analysis 

FenzoFx—Litecoin is holding strong at the $93.35 support, fueling a new bullish wave. Bears tested this level in the last session, but it remained intact.  

As long as LTC stays above $93.35, the next target is $100.12, with potential for $102.95 if buying pressure increases.

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GBP/USD Forms a New Bearish Wave

FenzoFx—GBP/USD tested the 1.3414 high for the third time since late April, currently forming a long wick bearish candlestick pattern in the daily chart.

From a technical perspective, a new bearish wave could be on the horizon if this level holds. In this scenario, the next bearish target could be the 1.3145 support.

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EUR/USD is Near a Strong Supply Zone: A Technical Analysis

FenozFx—EUR/USD bullish run is nearing the $1.4020 resistance. This level of supply is significant because previously the currency pair experienced a sell-off from this point.

From a technical perspective, the current uptick in momentum will likely extend to $1.4020. But the pair will likely begin consolidating by losing 30 to 50% of its value before the uptrend resumes.

Traders and investors should monitor the $1.4020 area closely for bearish signals in a lower timeframe such as candlestick patterns during the NY session.