EUR/USD accelerates losses and drops to new cycle lows.Below the YTD low comes the December 2002 low at 0.9859.EUR/USD resumes the leg lower and breaks below the 0.9900 level to reach new 2-decade lows in the 0.9880/75 band on Monday.
The continuation of the downtrend could not be ruled out just yet, as the daily RSI around 36 still allows for some weakness prior to reach the oversold territory.Against that, the next support of note comes at 0.9859 (December 2002 low) seconded by 0.9685 (October 2002 low).In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0787.
EUR/USD extends sideways grind above 0.9900
EUR/USD has managed to erase a small portion of its daily losses but failed to gather recovery momentum amid the souring market mood and the dismal EU data. With trading action turning subdued in the second half of the day, the pair moves sideways above 0.9900.
GBP/USD holds near 1.1500 as trading volume thins out
GBP/USD has steadied above 1.1500 after having started the week on a weak footing. Liz Truss has won the Tory leadership race to become the next UK PM. Trading activity remains subdued with US markets remaining closed on the Labor Day holiday.
Gold reclaims $1,710 following earlier decline
Gold erased the daily losses during the European trading hours and rose above $1,710 before going into a consolidation phase. Trading conditions remain thin in the second half of the day due to the Labor Day holiday in the US.
BTC shows potential for a recovery rally
Bitcoin price reveals a bearish start to the week, which would allow market makers to collect the much-anticipated sell-stop liquidity. This development may set the base for an upcoming BTC and altcoin-wide recovery rally.