Investors are taking some profits out of the table, and the EUR/USD pair recovered to the 1.2200 level. In extremely thin trading and with the long weekend about to start in Europe, there had been no major releases in Europe. During the upcoming US session, the country will release its weekly unemployment figures and oil stocks which can imprint some life to the market. But New York will close earlier today, anticipating further quietness across the board that will likely extend also into next week.
As for the EUR/USD pair in the short term, the 4 hours chart shows the intraday recovery stalled well below former year low around 1.2240, whilst technical readings maintain a bearish tone. The daily high so far is 1.2206 which means a price acceleration above that level can see the pair extending up to 1.2240 price zone on more profit taking. To the downside 1.2164 is the year low and the immediate support: if US data comes out positive, the pair can return there and even extend a handful pips below it, down to 1.2120/40 price zone.
View Live Chart for EUR/USD
As for the EUR/USD pair in the short term, the 4 hours chart shows the intraday recovery stalled well below former year low around 1.2240, whilst technical readings maintain a bearish tone. The daily high so far is 1.2206 which means a price acceleration above that level can see the pair extending up to 1.2240 price zone on more profit taking. To the downside 1.2164 is the year low and the immediate support: if US data comes out positive, the pair can return there and even extend a handful pips below it, down to 1.2120/40 price zone.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.