EUR/USD pushes higher and reaches new May tops at 1.0780.Next on the upside comes the 3-month resistance line near 1.0800.EUR/USD keeps the upside well and sound and prints new monthly highs around 1.0780 on Monday.
Considering the ongoing pair’s performance, the continuation of the rebound looks likely in the very near term at least. That said, the next up barrier now appears at the 3-month resistance line near 1.0800.The breakout of this area should mitigate the selling pressure and allow for a probable move to the weekly high at 1.0936 (April 21).
EUR/USD holds on to gains around 1.0770.The EUR/USD pair trades near a fresh May monthly high of 1.0780, despite German inflation soaring to a multi-decade high of 7.9% in the month. US markets will remain closed on Monday, but action is granted throughout the week.
GBP/USD trades below 1.2650, paring some of its gains
GBP/USD is trading below 1.2650, paring back gains despite the risk-on market mood. The US dollar remains on the back foot alongside the yields amid easing hopes for aggressive Fed tightening later this year. Liquidity is thinner due to a US holiday.
Battle lines well-defined for gold amid light trading
Gold Price is giving a part of its early gains but appears supported amid holiday-thinned market conditions. The US dollar is seeing a dip-buying demand, despite the risk-on trading on global stocks.
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