From a technical point of view, the EUR/USD maintains a strong bearish tone, with the 4 hours chart showing momentum retracing from its midline, 20 SMA capping the upside around 1.3420 and RSI extending below 30. The above mentioned data however can be tricky and mess with technical readings, moreover if it’s not dollar supportive. But if it is, the pair will likely accelerate lower, eyeing in the short term 1.3340/60 price zone but with a final target at 1.3295, November 7th daily low.
A really disappointing result for the US may see the pair advancing, with resistances at 1.3440 and 1.3475: this last however, may attract sellers halting the rally, while the market will choose to settle and enter again in range mode ahead of employment figures on Friday.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.