EUR/USD corrects lower and tumbles to 1.0270.Further upside is expected beyond 1.0370/80.EUR/USD comes under pressure and breaks below 1.0300 after four daily gains in a row on Friday.
Despite the knee-jerk, the continuation of the uptrend looks favoured in the very short term. That said, the pair needs to clear the August high at 1.0368 (August 10) as well as the 6-month resistance line around 1.0380 to open the door to a probable move to the 100-day SMA, today at 1.0522.
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0894.
EUR/USD extends slide toward mid-1.0200s after US data.EUR/USD continues to decline toward 1.0250 during the American trading hours on Friday. After the data published by the UOM showed that the long-run inflation outlook rose to 3% in August from 2.9% in July, the dollar gathered strength against its rivals, weighing on the pair.
EUR/USD News
GBP/USD pushes lower 1.2100 on broad dollar strength
GBP/USD is trading deep in negative territory near 1.2100 during the American session on Friday. With the UoM’s Consumer Sentiment Survey pointing to a modest increase in the long-run inflation outlook, the US Dollar Index extended its rally, reflecting a broad dollar strength.
GBP/USD News
Gold clings to modest gains above $1,790
Gold stays relatively resilient on Friday and trades modestly higher on the day above $1,790. Although the greenback continues to outperform its rivals on the latest US data, falling US Treasury bond yields help XAU/USD hold in positive territory.
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