EUR/USD support likely to emerge at 1.0679/58 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD should find support in the 1.0679/58 band.

Key Quotes

“The cross is easing back from a key band of resistance offered by the 1.0829 February high, the 1.0851 October low, 1.0875 December high and 1.0884 200 day moving average. In this area it is likely to stall, however upside risks are growing. Dips should find support between the 1.0679 mid-February high and the 55 day moving average at 1.0658”.

“We stay overall neutral to negative below 1.0830/84. Should this be breached we would have to allow for the 1.0978/1.1000 region to be reached. This area is where the 100% Fibonacci extension of the January-to-February advance, projected from the February low, coincides with the 50% retracement of the move down from the May peak”.

Sell 41%

Buy 59%

Avg Sell Price 1.0727

Avg Buy Price 1.0688

Liquidity Distribution

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 struggles to hold above 1.1800 ahead of US data

EUR/USD finds it difficult to gather recovery momentum and retreats below 1.1800 in the second half of the day on Thursday. The US Dollar (USD) stays resilient against its peers after the hawkish surprise in FOMC Minutes, weighing on the pair ahead of the next batch of US data.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold retreats from daily highs, trades below $5,000

Gold finds it difficult to stabilize above the $5,000 psychological mark on Thursday and trades slightly below this level in the early American session. Escalating geopolitical tensions in the Middle East help XAU/USD hold its ground, while the broad-based USD strength caps the pair's upside.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.