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EURUSD trades above 1.0060 and trims its weekly losses, down 1.03% in the week.

US Retail Sales and UoM Consumer sentiment exceed estimations, easing prospects of a 100 bps Fed hike.

Interest rate differentials between the Fed and the ECB boost the EURUSD fall.EURUSD buyers stepped in vigorously, defending the euro from falling below parity, with the major trading above the July 14 high 1.0058, though before dipped towards 1.0006, at the brink of the €1/$1 mark, but bounced off daily lows, and climbed towards current price levels. At the time of writing, the EURUSD is trading at 1.0095.

The financial markets narrative remains unchanged. Worries of higher inflation, central banks tightening, and recession jitters linger on investors’ minds. Nevertheless, global equities edge up in positive US economic data related to consumers, which would further cement the Fed’s case for a 75 bps hike. That said, the EURUSD will be at the mercy of interest rate differentials between the ECB and the Fed, which could favor the shared currency. However, the greenback recoils 0.52%, as shown by the US Dollar Index falling towards 108.070, a tailwind for the euro.

Also read: EUR/USD Forecast: Euro remains vulnerable despite reclaiming parity

EURUSD Price Technical outlook

EURUSD remains heavy, as shown by the daily chart, with the daily moving averages (DMAs) residing well above the exchange rate. Wednesday’s correction offered EURUSD shorts a better entry price after hitting a daily high around 1.0122, but on Thursday, the major extended its losses, pushing below the parity. However, on Friday, the EURUSD buyers stepped in and kept the price above the July 14 high of 1.0058, meaning that achieving a daily close above it might open the door for a correction.

In the near term, the EURUSD is headed upwards. That said, the major’s first resistance would be 1.0100. Break above will expose the July 13 high at 1.0122, followed by July 11 daily high at 1.0183.On the flip side, the EURUSD first support would be 1.0000. A breach of the latter will expose the fresh 20-year low at 0.9952. Once cleared, EURUSD sellers’ next challenge will be December 2002 lows around 0.9859.

EURUSD extends rebound toward 1.0100

EURUSD has preserved its bullish momentum and climbed toward the 1.0100 area during American trading hours on Friday. Investors are reassessing the Fed’s rate outlook following the latest data releases and mixed comments from Fed officials.

EUR/USD News 

GBP/USD holds in positive territory above 1.1850

GBP/USD has extended its recovery and climbed above 1.1850 in the second half of the day on Friday. Ahead of the weekend, the greenback is having a difficult time finding demand amid the improving market mood.

GBP/USD News 

Gold steadies above $1,700, looks to post weekly losses

Gold fluctuates in a relatively tight range above $1,700 during the American session on Friday and remains on track to close the fifth straight week in negative territory. Falling US T-bond yields help XAUUSD limit its losses ahead of the weekend.

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