EUR/USD extra gains seen above 1.1990 – Scotiabank

Pablo Piovano FXStreet

Strategists at Scotiabank remain neutral/bullish on pair, seeing further upside above the 1.1990 area in the short term.

Key Quotes

“ECB’s Lautenschlaeger said it was time to take the decision to scale back asset purchases. Tapering comments perhaps have a little more traction with investors as global central bank policy settings appear to be turning somewhat less accommodative. The comments added a little more positive momentum to the EUR on the session as the USD slipped broadly”.

“EURUSD price action may have formed a base in the mid/upper 1.18s yesterday, suggesting that spot’s corrective drift lower from last week’s peak near 1.21 is complete. Gains through minor trend resistance at 1.1930 (now minor support). The EUR has a little more work to do in order to gain more appreciably; above 1.1990/00 turns the near term outlook more bullish, we feel”.

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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.