EUR/USD Price Analysis: Extra gains remain favoured

EUR/USD resumes the upside following the post-ECB sell-off.
The surpass of 1.1030 exposes a move to 1.1100.

Pablo Piovano FXStreet

EUR/USD reverses the recent pessimism and embarks on a recovery north of the 1.0900 hurdle on Friday.

A move beyond the so far 2023 high at 1.1032 (February 2) should retarget the round level at 1.1100 prior to the weekly peak at 1.1184 (March 31 2022).

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0317.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.0931
Today Daily Change	56
Today Daily Change %	0.16
Today daily open	1.0914

Trends
Daily SMA20	1.0834
Daily SMA50	1.0669
Daily SMA100	1.0313
Daily SMA200	1.0318

Levels
Previous Daily High	1.1033
Previous Daily Low	1.0885
Previous Weekly High	1.093
Previous Weekly Low	1.0835
Previous Monthly High	1.093
Previous Monthly Low	1.0483
Daily Fibonacci 38.2%	1.0942
Daily Fibonacci 61.8%	1.0977
Daily Pivot Point S1	1.0855
Daily Pivot Point S2	1.0796
Daily Pivot Point S3	1.0707
Daily Pivot Point R1	1.1003
Daily Pivot Point R2	1.1092
Daily Pivot Point R3	1.1151

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.

AUD/USD sits at two-month lows near 0.6950 after Australian CPI data

AUD/USD is sitting at two-month lows near 0.6950 in the Asian session on Wednesday, as below-expectations August Australian underlying CPI data pours cold water on expectations for further RBA interest rate hikes. Chinese PMI data also fail to inspire the Australian Dollar, despite a pause in the US Dollar advance.

USD/JPY stays weak below 157.00 amid Japanese intervention risks

USD/JPY keeps losses below 157.00 in the Asian session on Wednesday, as hawkish BoJ expectations, along with intervention risks, underpin the Japanese Yen, countering dismal domestic factory output and retail sales data. Meanwhile, a broad US Dollar retreat also collaborates to the pair's downside.

Gold flat lines below $4,200, as focus shifts to US ADP and PCE

Gold extends its consolidative price move in the European session, trading near the $4,200 mark. Falling US bond yields drag the US Dollar away from the two-month high, touched on Tuesday, and act as a tailwind for the commodity. However, hawkish US Federal Reserve expectations cap the upside as traders await important US macro data before placing fresh directional bets on the non-yielding bullion.

Bitcoin consolidates below $85,000 amid rising US Treasury yields, derivatives deleveraging

Bitcoin consolidates near $83,000 at the time of writing on Wednesday after bulls failed to close above the key $85,000 level earlier this week. The Crypto King's investors remain cautious amid rising US Treasury yields and several key macroeconomic data releases due this week.

US core PCE inflation set to rise in August, pressuring the Federal Reserve

The United States Bureau of Economic Analysis will publish the Personal Consumption Expenditures Price Index data for August on Wednesday at 12:30 GMT. Market participants closely watch the PCE Price Index because it is the Federal Reserve’s preferred measure of inflation and could influence its policy outlook.

Silver is more volatile than Gold ahead of PCE and NFP. This chart shows the positioning gap

The market’s attention is focused on American data this week, but there’s something only those with a trained eye may be looking at: Gold and Silver positioning gap. Financial markets are moving on fears, mostly related to persistently high energy prices driven by the Middle East war. Sure, the US Dollar (USD) is strong, but at what cost?