The EUR/USD gains some ground in Europe, as local share markets present a strong upward momentum, while US futures also head back to recent 5-year highs. The EUR presents a general strength against most rivals, surging against the greenback to fresh daily highs. The 4 hours chart shows indicators aiming higher still below their midlines, while price stands above 20 SMA, reflecting the increasing bullish pressure. The pair may found some selling interest in the 1.3270/1.3300 area, and retracements from the area could be expected. However, the key level to follow lies above, in the 1.3350 region, where the pair has a daily descendant trend line coming from 1.3710: only above such level the upward movement could turn into a recovery and not a mere correction.
The downside is now protected by buyers around 1.3210/20; once below, the pair has scope to fall back towards the 1.3150/70 price zone.
View Live Chart for EUR/USD
The downside is now protected by buyers around 1.3210/20; once below, the pair has scope to fall back towards the 1.3150/70 price zone.
View Live Chart for EUR/USD
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.