EUR/USD is unlikely to break above the major resistance at 1.1680 – UOB Group

FXStreet Insights Team FXStreet

Euro (EUR) could rise gradually, but it is unlikely to break above the major resistance at 1.1680. In the longer run, for the time being, EUR is likely to trade between 1.1585 and 1.1680, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR is likely to trade between 1.1585 and 1.1680

24-HOUR VIEW: "EUR traded between 1.1616 and 1.1651 yesterday, narrower than our expected range of 1.1605/1.1650. There has been a tentative buildup in upward momentum, and EUR could rise gradually today. However, EUR does not appear to have enough momentum to break above the major resistance at 1.1680. Note that there is another resistance level at 1.1665. Support is at 1.1630, followed by 1.1620."

1-3 WEEKS VIEW: "Our update from yesterday (27 Oct, spot at 1.1630) still stands. As indicated, 'the current price movements are likely part of a range-trading phase, and for the time being, we expect EUR to trade between 1.1585 and 1.1680'."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD holds losses below 1.1650 on renewed USD uptick

EUR/USD is off the low but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.