EUR/USD near terms risk remains on the topside – Commerzbank

Pablo Piovano FXStreet

According to technicals, near term risks for the pair remains on the topside, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD’s bounce off the November 2016 high at 1.1300 has so far tested and stalled at the 55 day ma at 1.1621. The market will need to drop sub 1.1508 to alleviate immediate topside pressure. Currently intraday Elliott wave counts are positive and near term risk remains on the topside”.

“Should a drop and daily chart close below the 1.1300/1.1296 November 2016 and mid-June 2017 highs be seen, however, we will assume resumption of the down move and the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be targeted”.

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.