EUR/USD: Outside overbought territory bulls will keep at the helm

FXStreet Team FXStreet

Bulls are in control, as long as the EUR/USD pair remains outside the overbought territory. Nonetheless, Early June's daily chart is painting a mixed picture, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“EUR/USD has broken above 1.1020, which was a double top and also where the 200-day Simple Moving Average hit the price. That is a significant bullish development. Momentum remains to the upside, and the Relative Strength Index is still below 70 – currently outside overbought conditions.”

“Strong resistance awaits at 1.1150, a peak in late March. It is followed by 1.12, which was a stepping stone on the way and down during that turbulent month. It is followed by 1.1240, a swing high from March.”

“The 1.1020 level switches to support. It is followed by 1.0950, where the 100-day SMA hits the price, and then by 1.10870, a low point in late May.”

Author

FXStreet Team

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.