EUR/USD points to losses continuing after lengthy consolidation period – Scotiabank

FXStreet Insights Team FXStreet

The EUR/USD pair again bounced off the 1.1270/80 support zone this morning to now run into the 1.1320/25 resistance. Economists at Scotiabank note that the technical picture remains bearish.

Resistance is 1.1340/60/80

“EUR/USD remains in its sideways trajectory since late-November while the broad technical picture (since last May) remains bearish and points to losses continuing after this lengthy consolidation period.”

“Support after 1.1270/80 is the mid-figure zone followed by ~1.1220.”

“Resistance is 1.1340/60/80; note 50-day MA at 1.1364.”

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 loses further momentum, revisits 1.1930

EUR/USD surrenders further ground and approaches the 1.1930 region, or daily troughs, on Wednesday. The pair has retreated from a five-year high as US Dollar demand picks up again, with traders turning cautious ahead of the key Fed meeting later in the European evening.

GBP/USD remains offered, focus is on 1.3750

GBP/USD is clocking marked losses near the 1.3750 zone midweek. Cable’s pullback comes as the Greenback stages a robust bounce, with traders taking profits and squaring positions ahead of the Fed’s key policy announcements later in the day.

Gold slips back below $5,300 on USD rebound

Gold now gives away part of the earlier bull run to all-time highs past the $5,300 mark per troy ounce on Wednesday. Investors continued to seek out traditional safe havens amid persistent economic and geopolitical uncertainty, with markets also staying cautious ahead of the FOMC event later in the day.