EUR/USD stays bullish near term – Scotiabank

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the pair’s near term outlook is tilted to the bullish side.

Key Quotes

“Short and medium term price signals turned bullish for EURUSD yesterday (outside range signal intraday, bullish key reversal on the daily chart), reversing the weak technical tone in the market that has persisted over the past week”.

“Follow-through EUR buying has moderated somewhat through the upper 1.16s and we should be under no illusion that the EUR still has a lot of work to do in order to gain materially”.

“However, the bounce from the 1.15 point—again—does firm up support for EUR and opens the door for spot to retest the topside of the range (1.1800/50) in the next week or two perhaps. 1.1850 is now key resistance”.

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.

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.