EUR/USD: Bears remain in control

FXStreet Team FXStreet

EUR/USD has been edging higher amid encouraging coronavirus developments in Europe but Monday's four-hour chart remains bearish, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“Bears remain in control, with momentum on the four-hour chart pointing to the downside and the currency pair trades below the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index is above 30, outside oversold conditions.”

“Support awaits at around 1.0770, which is Friday's low. The next support line is only at 1.0640, the 2020 trough.”

“Some resistance awaits at 1.0840, the daily high, and it is followed by 1.09, which was a cushion last week.”

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FXStreet Team

FXStreet

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

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.