Consolidative bias in EUR/USD remains unchanged – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group still see EUR/USD moving within a consolidative theme in the short-term horizon.

Key Quotes

24-hour view: “Expectation for EUR to “edge higher” yesterday was incorrect as it plummeted overnight and touched 1.1012. Despite the rapid decline, downward momentum has not improved by much. That said, EUR could drift lower from here towards 1.0990. For today, the risk for a sustained break of this level is not high (1.1010 is already a relatively strong support). On the upside, a move above 1.1075 would indicate the current mild downward pressure has eased (minor resistance is at 1.1050)”.

Next 1-3 weeks: “As highlighted, despite the relatively sharp drop on Monday (16 Sep), we continue to expect EUR to “trade sideways”. The subsequent rapid bounce in EUR reinforces our view and we continue to expect EUR to trade sideways within a broad 1.0925/1.1130 range for now. Looking forward, EUR has to register a NY close out of the expected range before a more sustained directional price action can be expected”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.