EUR/USD: Bid for fifth straight day ahead of Fed speak


  • EUR/USD is on the offensive ahead of Powell's speech. 
  • Technical breakout and gold rally is likely fueling gains in EUR/USD. 
  • Fed's Powell may reinforce rate cut expectations. 

EUR/USD is extending the four-day winning streak with markets offering US Dollars amid a rally in gold prices. 

The currency pair is currently trading at 1.1408, the highest level since March 21, having witnessed a bullish breakout on technical charts earlier this week. 

Gold jumped 1 percent in Asia and is now trading at the highest level since early 2013. Notably,

The yellow metal is reporting gains for the sixth straight session and is up more than 9 percent on a month-to-date basis. 

The sustained rally in gold is likely leading to broad-based USD weakness. After all, gold is considered by many as a hard currency. 

Looking forward, EUR/USD's impending move toward 1.16, as called by technical charts, will likely gather pace if the US Federal Reserve's (Fed) Chairman Powell reinforces rate cut expectations with dovish comments later today. The Chairman is scheduled to speak at 17:00 GMT. 

It is worth noting that the Fed removed the word "patient" from its forward guidance last week, setting the stage for a rate cut later this year. 

Apart from the Fed speak, the EUR traders will also take cues from a speech by the European Central Bank member De Guindos at 08:15 GMT, US housing data and consumer confidence and Fed's Bostic speech, due at 16:00 GMT. 

Pivot levels

EUR/USD

Overview
Today last price 1.1408
Today Daily Change 0.0010
Today Daily Change % 0.09
Today daily open 1.1398
 
Trends
Daily SMA20 1.1251
Daily SMA50 1.1221
Daily SMA100 1.1261
Daily SMA200 1.1351
Levels
Previous Daily High 1.1404
Previous Daily Low 1.1367
Previous Weekly High 1.1378
Previous Weekly Low 1.1181
Previous Monthly High 1.1266
Previous Monthly Low 1.1107
Daily Fibonacci 38.2% 1.139
Daily Fibonacci 61.8% 1.1381
Daily Pivot Point S1 1.1376
Daily Pivot Point S2 1.1353
Daily Pivot Point S3 1.1339
Daily Pivot Point R1 1.1413
Daily Pivot Point R2 1.1427
Daily Pivot Point R3 1.145

 

 

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