EUR/USD to dive towards 1.1620 on a break below 1.1732 – Commerzbank

FXStreet Team FXStreet

EUR/USD extends its overnight range play below mid-1.1800 into the European session. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is focused on the four-month uptrend at 1.1732 as a lost of this level will introduce scope for a slide towards the 55-day ma at 1.1620.

Key quotes

“EUR/USD sold off last week and starts this week with the focus on the four-month uptrend at 1.1732. Intraday Elliott wave counts are negative and there is a risk that the up trend will give way. Failure here will target the 55-day ma at 1.1620 and potentially the March high at 1.1495.”

“The market has recently failed at 1.2014 and intraday rallies are indicated to hold below 1.1875.”

Author

FXStreet Team

FXStreet

EUR/USD eases marginally, back to 1.1800

EUR/USD navigates a narrow range on Thursday, hovering around the 1.1800 neighbourhood in a context of humble gains in the US Dollar. The pair’s lacklustre performance come amid the unabated trade uncertainty, geopolitical tensions in the Middle East and the cautious tone from the ECB’s Lagarde.

GBP/USD retreats from tops, approaching 1.3540

GBP/USD partially sets aside Wednesday’s strong advance and recedes to the 1.3540 region on Thursday. Cable’s modest retracement follows the equally acceptable gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold clings to gains just below $5,200, focus on geopolitics

Gold is edging modestly higher on Thursday, adding to Wednesday’s uptick and holding just below the $5,200 mark per troy ounce against the backdrop of modest gains in the US Dollar. In the meantime, attention is turning to the geopolitical scenario following US-Iran nuclear talks.