The EUR/USD pair started the day with a strong footing, up to a fresh high of 1.1248 in the European opening. Equities are down, German bunds yields continue to rise, and in general, the market is extending yesterday's rallies. So far, news that Moody's rating agency has cut Greece's credit rating to 'Caa2' from 'Caa1' and assigned it a "negative" outlook, have been ignored. Macroeconomic released in Europe showed that local unemployment remained at 11.3% in March against expectations of a decline to 11.2%, whilst the EU inflation met expectations in April, at 0.0% yearly basis, whilst the core reading held at 0.6%.
The pair retraced below the 1.1200 figure currently trading around 1.1190, and with the 4 hours chart showing that the technical indicators are heading sharply higher after a limited downward correction, in extreme overbought territory. In the same chart, the 20 SMA has advanced further below the current price now near the 50% retracement of the 1.1533/1.0461 bearish run around 1.1000. The pair is also well above the 61.8% retracement of the same rally at 1.1120, now a key support in case of additional declines below 1.1160. Renewed buying interest above 1.1220 on the other hand, should see the pair extending up to 1.1260 first, with the 1.1300 level coming at sight if the market pushes prices beyond it.
View Live Chart for EUR/USD
The pair retraced below the 1.1200 figure currently trading around 1.1190, and with the 4 hours chart showing that the technical indicators are heading sharply higher after a limited downward correction, in extreme overbought territory. In the same chart, the 20 SMA has advanced further below the current price now near the 50% retracement of the 1.1533/1.0461 bearish run around 1.1000. The pair is also well above the 61.8% retracement of the same rally at 1.1120, now a key support in case of additional declines below 1.1160. Renewed buying interest above 1.1220 on the other hand, should see the pair extending up to 1.1260 first, with the 1.1300 level coming at sight if the market pushes prices beyond it.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.