EUR/USD continues to make itself at home beneath 1.24

The Euro is holding steady within the week's range, lacking motivation.
EU inflation disappointed yesterday, and the EUR is dragging a toe heading into Thursday's European session.

Joshua Gibson FXStreet

The EUR/USD is holding close to Wednesday's ending price, and the pair is still getting comfortable around 1.2380.

EUR/USD analysis: at the upper end of the weekly range

The Euro hasn't been able to make much headway above 1.2380 in April, and the consolidation pattern is continuing to price in. Euro-area inflation data disappointed yesterday, but well-timed weakness in the US Dollar is keeping the EUR afloat at its current levels, but with nothing impactful on the economic calendar for Thursday for the EUR/USD, it'll be up to market appetite to give the Euro a direction to travel.

It's also been a week of EcoFin meetings in Europe, with an International Monetary Fund meeting slated for Friday, and depending on the results of those meetings, traders could have updated expectations from the Eurozone for growth looking forward.

EUR/USD Levels to watch

As FXStreet's Chief Analyst Valeria Bednarik noted, "the pair is at the upper end of its weekly range, but still within familiar ranges and with no signs of clear directional strength. In the short term, and according to the 4 hours chart, the risk is skewed to the upside, as the pair develops above a bullish 20 SMA, which advances above the larger ones, while technical indicators hold within positive territory, albeit the Momentum having lost its upward strength, and the RSI now at 60, well below the peak reached when the price touched 1.2413 earlier this week. The 1.2410/20 region is a key resistance area that should be clearly broken to trigger additional gains ahead, as the pair topped around it multiple times over the last few weeks, and where now is the daily descendant trend line coming from this year high."

Support levels: 1.2370 1.2335 1.2295

Resistance levels: 1.2415 1.2445 1.2480

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

USD/JPY stays below 160.50 as markets assess BoJ decision

USD/JPY fluctuates in a relatively narrow range above 160.00 on Tuesday as markets assess the Bank of Japan's (BoJ) decision to raise the policy rate by 25 at the June meeting. Meanwhile, investors keep a close eye on news coming out of the Middle East, while preparing for the critical Fed meeting.

AUD/USD struggles for direction, still below 0.7100

AUD/USD looks to extend Monday’s recovery, although a challenge to the 0.7100 barrier remains elusive ahead of the opening bell in Asia. The Aussie Dollar was unable to take advantage of the RBA's relatively cautious message, which included keeping its OCR unchanged at 4.35% and leaving the possibility of further tightening in the future.

Gold: $4,000 or $4,500? The Fed may decide Gold’s next big move

Gold now surrenders part of its initial advance and recedes to the vicinity of the $4,350 mark per troy ounce on Tuesday. The early enthusiasm sparked by the US-Iran peace deal has faded somewhat, prompting investors to adopt a more prudent stance as they await further details of the agreement and key guidance from the Fed.

XRP pulls back as subdued ETF inflows, layered resistance cap upside

Ripple (XRP) remains elevated above $1.23 at the time of writing on Tuesday, struggling amid a capped upside. Despite an improved overall market sentiment driven by news of a peace agreement between the United States and Iran to end the war in the Middle East, capital inflows remain notably subdued.

1% rate, 160 Yen: Why Japan’s historic hike changed little

The Bank of Japan (BoJ) pushed its short-term policy rate to 1% on Tuesday, the highest setting since 1995 and a 31-year milestone in a normalization cycle barely two years old. It is the kind of number that should mark a turning point for the Yen, and it did almost nothing.

Why a hawkish RBA is no longer enough to lift the Australian Dollar

The Reserve Bank of Australia delivered more than what markets expected: a hawkish hold that should have supported the Aussie. But markets widely ignored it, focusing instead on slowing economic growth and proving that central bank messaging alone isn’t always enough to drive currencies.