Technically however, it has been a week to forget so far with the EUR/USD confined to a 70 pips range between 1.3150 and 1.3220. The 4 hours chart shows price latest spike being retraced, with price below a flat 20 SMA. Indicators grind higher but momentum stands barely above its midline, and RSI flat in bearish territory, showing no actual strength. Consolidating near its year low, the risk on the pair remains to the downside, with a break below 1.3150 exposing the 1.3100/20 price zone. Steady gains above 1.3220 on the other hand, may see a recovery up to 1.3250 price zone, yet the most likely scenario for today is an extension of the consolidative range ahead of next week Central Banks and US employment figures.
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EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
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