EUR under pressure
|Despite the dovish shift at the Fed’s first policy meeting of the year, which weighs on USD, a resurgence in concerns regarding US/China trade relations sees the USD strengthen sharply on still inflow. EUR, meanwhile, remains under pressure as Brexit uncertainty and a more somber tone from the ECB keeps sentiment skewed to the downside.
EURUSD Intraday Analysis
EURUSD continues to trade within the broad 1.1217 – 1.1569 range but has put in a lower high along the bearish trend line from running from the late 2018 highs, suggesting continued downside. Bears will eye for a break of the 1.1291 structural low and rising trend line with a break of the key 1.1217 level needed to signal a resumption of the downtrend.
GBPUSD Intraday Analysis
Following the recent topside break from the falling wedge pattern that had framed price action, GBPUSD has now traded back down to retest the broken pattern top, which for now is holding as support. Bulls will need price back above 1.3304 to keep further upside in focus. While below 1.3004, the price is still open to the risk of a rundown to the 1.2693 level.
XAUUSD Intraday Analysis
Gold prices failed to break the 1235.96 resistance level for now. The retracement is still holding above the 1298.29 level which bulls will be looking to use as support for a further run higher targeting a break of 1365.53 to confirm a full bullish shift.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.