EUR/USD making headways towards 1.0950, US data, Draghi eyed

Dhwani Mehta FXStreet

The EUR/USD pair staged a sharp reversal from a drop to 1.0875 lows, now extending recovery gains back beyond 1.09 handle amid deeper correction seen in the US dollar against its main competitors. The USD index attacks 99 handle, down -0.21% on the day, correcting after yesterday’s Fed-backed solid rebound.

The spot regained momentum above 1.0900 levels, despite positive European stocks, as the Euro received fresh boost from upbeat Eurozone and German final services PMI reports, which bettered estimates. Also, the common currency benefits from upbeat Eurozone retail sales data, as focus now shifts towards the US macro updates and ECB Chief Draghi’s speech due later in the NA session.

Moreover, the major also remains underpinned ahead of the French election that takes place on Sunday, with Macron maintaining the lead in the presidential race against the anti-EU Le Pen, as represented by various opinion polls. Also, the French televised election debate also showed Macron as the most convincing candidate, especially over his arguments on the economy and Euro.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0949/51 (Apr 28 & 24 high), 1.0981 (classic R3) and finally 1.1000 (key resistance). On the flip side, the spot finds next support at 1.0880 (May 3 low), a break below that level could open the door to 1.0855/50 (Arp 28 & 27) and 1.0819 (Apr 24 low).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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.