EUR/USD: Bears are far from having full control

FXStreet Team FXStreet

EUR/USD Friday's four-hour chart is pointing to further falls below the broken support line, according to FXStreet’s analyst Yohay Elam.

Key quotes

“EUR/USD has fallen off the uptrend channel and attempts to recapture it have failed. The currency pair also trades below the 50, 100, and 200 Simple Moving Averages, but momentum has stabilized.”

“Support awaits at 1.0780, which has been a low point several times in May, and more importantly by 1.0765, the monthly low.”

“Looking up, 1.0820 capped recovery attempts and the 50 SMA is approaching this price. The next line to watch is 1.0870, a swing high from last week.”

Author

FXStreet Team

FXStreet

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.