EUR/USD: Sellers could come back in play in case 1.05 fails.

EUR/USD has reversed its direction following Tuesday’s decisive rebound. As FXStreet’s Ere Sengezer notes, sellers could take action if 1.05 support fails.1.05 aligns as key support level in the near-term

“In case Wall Street’s main indexes fall sharply after the opening bell, EUR/USD could stretch its daily slide in the second half of the day.”

“In case EUR/USD starts using the 100-period SMA on the four-hour chart, which is currently located at 1.0520 as resistance, it might test 1.05 (psychological level, Fibonacci 61.8% retracement of the latest decline).”

“A four-hour close below the 1.05 level could be seen as a bearish development and open the door for additional losses toward 1.0480 (Fibonacci 50% retracement) and 1.0450 (Fibonacci 38.2% retracement).”“On the upside, static resistance seems to have formed at 1.0550. EUR/USD needs to clear that hurdle to target the next static level at 1.0580 and 1.06 (psychological level) afterwards.”

 EUR/USD tests 1.0500 after EU inflation data.EUR/USD stays on the back foot in the European session and tests 1.0500. The data from the euro area showed on Wednesday that the annual HICP was 7.4% in April, compared to the flash estimate and the market expectation of 7.5%. Meanwhile, the dollar benefits from the cautious market mood.

EUR/USD News 

GBP/USD slumps below 1.2400 on renewed dollar strength

GBP/USD has extended its daily slide and broke below 1.2400 in the European morning. The British pound struggles to find demand after the latest UK inflation data and the dollar continues to gather strength as a safe haven, causing the pair to stay under bearish pressure.

GBP/USD News 

Gold downside remains compelling below $1,821

Gold Price remains vulnerable as the US dollar rebounds amid a damp mood. A retreat in the US Treasury yields helps cushion XAU/USD’s downside. The path of least resistance appears down for Gold Price.

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