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EUR/USD is expected to meet strong support around 1.0540 in the near term.Key Quotes

24-hour view: “We expected EUR to strengthen yesterday but we were of the view ‘any advance is expected to face strong resistance at 1.0750’. We noted, ‘there is another strong level at 1.0785’. EUR spiked to a high of 1.0773 during London hours before staging a sharp sell-off to a low of 1.0609. There is scope for EUR to drop below 1.0600 but a clear break of 1.0570 appears unlikely for now. Resistance is at 1.0650 followed by 1.0690.”

Next 1-3 weeks: “Yesterday (09 Jun, spot at 1.0715), we highlighted that shorter-term upward momentum is beginning to build and the risk of a break of 1.0785 has increased. However, EUR did not break 1.0785 as it spiked to a high of 1.0773 during London hours before plunging. The ‘failure’ to break the major resistance at 1.0785 coupled with the sharp sell-off has shifted the risk to the downside. That said, any weakness is expected to face solid support at 1.0540. In order to maintain the surge in downward momentum, EUR should not move above 1.0720 (‘strong resistance’ level) within these few days.”

EUR/USD sees a dead cat bounce above 1.0600, warrants downside ahead of US Inflation

EUR/USD is bided around 1.0610 as DXY eases mildly after hitting a fresh weekly high at 103.37. A neutral policy stance by the ECB has weakened the shared currency bulls. The DXY is expected to resume upside as the US inflation is seen stable at above 8%.

EUR/USD News 

GBP/USD oscillates below 1.2500 ahead of US Inflation

The GBP/USD pair is balancing below the psychological support of 1.2500 and is expected to imbalance lower as investors are dumping the risk-sensitive assets amid uncertainty over the release of the US inflation. The cable witnessed a steep fall on Thursday after failing to overstep the critical hurdle of 1.2560.

GBP/USD News 

Gold at a critical juncture, US inflation holds the key

Gold Price is nursing losses below $1,850, as traders gear up for the all-important US inflation release, which will provide fresh hints on the Fed’s rate hike guidance. XAU/USD could see a decisive downside break on hotter US inflation.