EUR/USD remains on the defensive well below 1.0700.Immediately on the downside emerges the 1.0627 support.
EUR/USD comes under further downside pressure and extends the recent breakdown of the 1.0700 key support.The current bearish move carries the potential to extend further and revisits the June low at 1.0627 (June 1) ahead of 1.0532 (low May 20). The RSI around 50 has still plenty of room to drop before entering the oversold territory.
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1220.
EUR/USD rebounds modestly, stays below 1.0700
EUR/USD has recovered modestly from the daily low it set at 1.0652 but failed to reclaim 1.0700. The risk-averse market environment makes it difficult for the euro to find demand, while the dollar struggles to gather strength amid falling US T-bond yields.
GBP/USD reclaims 1.2500 as dollar loses strength
GBPUSD has erased a large portion of its daily losses and climbed above 1.2500 in the early American session. The greenback seems to be having a tough time preserving its strength in the second half of the day amid falling Treasury bond yields.
Gold rebounds toward $1,850 as US yields edge lower
Gold has regained its traction and recovered toward $1,850 ahead of the American session. The benchmark 10-year US Treasury bond yield is edging lower following Monday’s rally, helping XAU/USD stay in positive territory on Tuesday.