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 faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD slips heading into the Thursday trading window

The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite 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.