EUR/USD Price Analysis: Bulls run into resistance, bears eye trendline support

EUR/USD bulls eye higher highs but a correction could be on the cards.
Bears eye a correction to test trendline support.

Ross J Burland FXStreet

The euro surged into the 1.0970 mark vs. the US Dollar on Friday, reaching its strongest level since May, following the European Central Bank's decision to raise interest rates for the eighth consecutive time earlier in the week. There was also a signal that future rate hikes were on the table, leaving scope for higher highs in the pair:

EUR/USD weekly chart

The market has run into the weekly neckline of the M-formation. This leaves prospects of a correction but it has been a solid drive higher, so there is momentum in this bullish impulse and we could be headed for higher highs still.

EUR/USD daily chart

We have possible stops above the swing highs that have been left intact, so far. Before a move higher into them, a drive to the downside could be in order first. This brings the 38.2% Fibonacci of the bullish impulse on the daily chart into focus and trendline support.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold declines to new 10-week low below $4,400

Gold (XAU/USD) stays under heavy bearish pressure in the American session on Friday and remains on track to end the week deep in negative territory. After the data from the US showed Nonfarm Payrolls rose by 172K in May, the benchmark 10-year US Treasury bond yield and the US Dollar Index rose sharply, dragging XAU/USD to its weakest level snce late March below $4,400.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.