EUR/USD Price Analysis: Sellers push further as correction deepens

EUR/USD is trading around the 1.0830 zone, marking a sharp daily decline.
The pair continued its correction as expected, shedding further ground with sellers eyeing a potential test of the 1.0800 area.

Patricio Martín FXStreet

EUR/USD moved lower on Thursday after the European session, falling toward the 1.0830 region as bearish pressure intensified. The pair extended its decline following recent signals of an overextended bullish run, with sellers pushing toward key downside levels.

The technical setup shows increasing downside momentum. The Relative Strength Index (RSI) is in positive territory but declining sharply, reflecting waning buying interest. Meanwhile, the Moving Average Convergence Divergence (MACD) is printing decreasing green bars, reinforcing the bearish outlook.

On the downside, immediate support is at 1.0800, a level that sellers may target next. A break below this threshold could accelerate bearish momentum, exposing the 1.0765 area. To the upside, resistance is seen near 1.0885, followed by a stronger cap at 1.0920. That being said, a looming bullish crossover between the 20 and 100-day SMAs at round 1.0700 might give the bulls an edge over the sellers.

EUR/USD daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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.