EUR/USD has extended its downtrend after breaking below the trend line drawn since 2000. This violation has led the pair towards the lows of 2016/2017 near 1.0340. A break under here would open up additional losses towards 1.0070/1.0000, analysts at Société Générale report.
Break above 1.0790/1.0810 essential to affirm a phase of rebound.“The neckline at 1.0790/1.0810, which is also the low of March, is an important resistance. So long as crossover beyond this doesn’t materialize, the downtrend is expected to persist.”
“Failure to defend 1.0340 would affirm a continuation in decline. The next potential objectives could be at 1.0070/1.0000, the 76.4% retracement of the whole uptrend during 2000 and 2008.”
EUR/USD holds above 1.0550 after upbeat US data
EUR/USD clings to modest daily gains and trades in a relatively tight range below 1.0600 on Monday. The data from the US showed that Durable Goods Orders and Pending Home Sales unexpectedly increased in May. ECB President Lagarde will speak later in the day.
EUR/USD News
GBP/USD struggles to reclaim 1.2300 after earlier jump
GBP/USD has managed to climb into positive territory after having dropped below 1.2250 earlier in the day. With the dollar staying relatively resilient against its rivals after the latest data releases, however, the pair is struggling to reclaim 1.2300.
GBP/USD News
Gold drops below $1,830 as US yields push higher
Gold came under fresh bearish pressure in the early American session and dropped below $1,830. After the upbeat data releases from the US, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, weighing on XAU/USD.
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