EUR/USD eases from tops near 1.2390, US CPI, Draghi eyed

The pair has faded the earlier spike to tops in the 1.2390 region.
The greenback remains offered albeit off daily lows around 89.50.
ECB’s Draghi due to speak next. US CPI, FOMC minutes expected later.

Pablo Piovano FXStreet

After briefly testing 2-week tops in the boundaries of 1.2390, EUR/USD has now retraced part of that advance and returns to the 1.2370/65 band.

EUR/USD focused on Draghi, US CPI

Spot is looking to extend the ongoing strong recovery from the 1.2200 neighbourhood, although gains appear so far limited to the area just below the critical 1.2400 the figure.

Sustaining the pair’s up move, the greenback remains on the defensive for yet another day and trades in multi-day lows around 89.50/40 when tracked by the US Dollar Index (DXY).

Later in the session, ECB’s Mario Draghi is due to speak followed by a Q&A session, while CPI figures and the FOMC minutes will be in centre stage in the US calendar.

EUR/USD levels to watch

At the moment, the pair is gaining 0.09% at 1.2366 and a break above 1.2388 (high Apr.11) would pave the way for a test of 1.2478 (high Mar.27) and finally 1.2538 (high Jan.25). On the downside, immediate contention emerges at 1.2321 (21-day sma) seconded by 1.2305 (10-day sma) and finally 1.2214 (low Apr.6).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.