The EUR/USD advanced up to 1.3640 with the European opening, as risk aversion somehow diminished since Friday afternoon, with local stocks trading strongly up. EU Industrial Production slightly better than expected, supported the advance, yet the upward momentum was short lived, and the pair turned into consolidation afterwards.
Technically, the 4 hours chart shows price consolidating right above the 1.3620 Fibonacci level, but indicators below their midlines and showing no upward potential. The critical resistance is the 1.3650 level, that capped the upside for most of the past week, and only a break above it should favor further recoveries towards the 1.3680 price zone.
To the downside, the base of these last day’s range in the 1.3570/80 price zone continues to attract buyers and dips towards the level should be seen as buying opportunities rather than anticipate a break down.
View Live Chart for EUR/USD
Technically, the 4 hours chart shows price consolidating right above the 1.3620 Fibonacci level, but indicators below their midlines and showing no upward potential. The critical resistance is the 1.3650 level, that capped the upside for most of the past week, and only a break above it should favor further recoveries towards the 1.3680 price zone.
To the downside, the base of these last day’s range in the 1.3570/80 price zone continues to attract buyers and dips towards the level should be seen as buying opportunities rather than anticipate a break down.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD extends gains above 1.0700, focus on key US data
EUR/USD meets fresh demand and rises toward 1.0750 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
USD/JPY keeps pushing higher, eyes 156.00 ahead of US GDP data
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, recapturing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming intervention risks. The focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold closes below key $2,318 support, US GDP holds the key
Gold price is breathing a sigh of relief early Thursday after testing offers near $2,315 once again. Broad risk-aversion seems to be helping Gold find a floor, as traders refrain from placing any fresh directional bets on the bright metal ahead of the preliminary reading of the US first-quarter GDP due later on Thursday.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price.
US Q1 GDP Preview: Economic growth set to remain firm in, albeit easing from Q4
The United States Gross Domestic Product (GDP) is seen expanding at an annualized rate of 2.5% in Q1. The current resilience of the US economy bolsters the case for a soft landing.