EUR/USD
Yesterday, the EUR/USD currency pair declined to the weekly S1 at 1.0788. During Wednesday morning, the pair was trading near the given level.
Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located circa 1.0825. Thus, some downside potential could prevail in the market. The nearest support, formed by the weekly S2 and the monthly S3, is located in the 1.0750 area.
However, if the weekly S1 holds, it is likely that the Euro could consolidate against the US Dollar in the nearest future. Also, it is unlikely that bulls could prevail, and the pair could exceed the resistance level formed by the weekly PP and monthly S2 at 1.0872.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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.