The EUR/USD continues to trade uneventfully in between Fibonacci levels, despite EZ deflation deepened faster than expected: annual inflation was down to -0.6%, while monthly basis came out at 0.5%, but the deflationary spiral the economy is suffering is no news. Unemployment rate in Europe post a slight improve down to 11.4%, also failing to trigger some action.
Having been range bound since Wednesday, the 4 hours chart shows that the price advances above its 20 SMA whilst indicators are flat in neutral territory. The pair is trading mostly between 1.1305, 38.2% retracement of its latest slide, and 1.1365, 50% of the same rally. A break above this last could lead to a quick advance up to 1.1400, and even up to 1.1440 where sellers should surge. Anyway, is the last day of the month and profit taking will have a significant weight in the forex board, affecting most likely overbought greenback.
View Live Chart for EUR/USD
Having been range bound since Wednesday, the 4 hours chart shows that the price advances above its 20 SMA whilst indicators are flat in neutral territory. The pair is trading mostly between 1.1305, 38.2% retracement of its latest slide, and 1.1365, 50% of the same rally. A break above this last could lead to a quick advance up to 1.1400, and even up to 1.1440 where sellers should surge. Anyway, is the last day of the month and profit taking will have a significant weight in the forex board, affecting most likely overbought greenback.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.