US Pre Market Open: Shorted EUR/GBP and copper, new setups for EUR/NZD and US30

EUR/USD is holding steady below 1.1700 in the European trading hours on Thursday. The pair pauses its losing streak as the US Dollar consolidates the recent recovery amid a cautious market mood and ahead of the mid-tier US employment data. 

GBP/USD loses ground to trade near 1.3450 in the early European session on Thursday. Markets turn cautious amid simmering geopolitical tensions and ahead of the US labor market data due later in the day. 

Gold remains under some selling pressure for the second straight day and slides back closer to the overnight swing low during the Asian session on Thursday. The downtick lacks any fundamental catalyst and is likely to remain limited amid a supportive fundamental backdrop. 

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders. The technical outlook for the PI token remains bearish, with a risk of a cross below the 20-day Exponential Moving Average. 

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The European economic calendar will feature business and consumer sentiment data, alongsinde Eurozone PPI figures for November. In the second half of the day, weekly Initial Jobless Claims, October Trade Balance and Unit Labor Costs data for the third quarter from the US will be watched closely by market participants.