EUR/USD: bullish trend intact into next week big events

Valeria Bednarik FXStreet

EUR/USD Current price: 1.0914

View Live Chart for the EUR/USD

The EUR/USD pair retreated once again from the 1.0950 region, but holds near the yearly high early US session, with the common currency backed by better-than-expected EU inflation figures. According to the official release, April preliminary CPI came in at 1.9% from 1.5% in March, whilst core inflation, which excludes food and energy volatile prices, rose by 1.2% yearly basis, up from previous 0.8%, the highest level since September 2013, revamping speculation of ECB's tapering before the year end. US Q1 GDP was a miss, in line with market's sentiment, but the greenback appreciated modestly after the release, rather on profit taking and due to investors being wary to push the pair higher, than on solid demand for the American currency.

Technically, the 4 hours chart shows that upward potential is limited, given that selling interest around the mentioned high remains strong, whilst technical indicators turned back lower, the Momentum within negative territory and the RSI at 58, whilst the price hovers around a horizontal 20 SMA. Despite the short term outlook, the background stance favors another leg higher, maybe for early next week, as long as 1.0820, the weekly low, contains slides.

Support levels: 1.0855 1.0820 1.0790

Resistance levels: 1.0950 1.1000 1.1045

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.