EUR/CZK: Break below 2011 lows to trigger more losses – SocGen

FXStreet Insights Team FXStreet

EUR/CZK is in the spotlight as it is threatening to decisively break below 24.00 for the first time since 2011. Economists at Société Générale expect the pair to sustain more losses.

EUR/CZK to continue its decline

“Weekly MACD has remained anchored within negative territory which highlights downward momentum is prevalent.”

Signals of a meaningful bounce are not yet visible.”

“Failure to hold 23.93 can extend the downtrend towards 23.70 and projections of 23.35.”

See: Rally in the CE3 currencies is consistent with latest data – Commerzbank

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.