Daily Strategy - EURUSD may up above 1.2340

World-Signals Team World-Signals

EURUSD (1.2322)

Trend: Neutral/Upward

Support/Resistance: 1.2205 - 1.2340

If you follow our forecast for EURUSD from the first business day of this week you know that we expected consolidation at the current level. The dollar gains for the last 6-days are over. The consolidation process may end if we see levels above 1.2340. The fundamental events today are not important for the traders and probably the trading will continue to use technical analysis with the process of consolidation or movement up.
World-Signals.com trading strategy is to use the key support/resistance levels and use neutral direction in trading or to ready for long positions. If EURUSD breaks above 1.2340 the recovery of the Euro may restart.

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World-Signals Team

World-Signals

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.