EUR/USD is likely to stay in a consolidation stage.

EUR/USD seems to have gone into a consolidation phase. The pair is set to move sideways awaiting a fresh catalyst, in the view of analysts at OCBC Bank.

Sideways.“Daily momentum remains bullish though rise in RSI slowed. Sideways trade likely in absence of a fresh catalyst.”“Immediate resistance at 1.0010 (50 DMA), 1.0050 levels. Support at 0.9890 (21 DMA), 0.9860 levels.”

“European Commission’s Ursula von der Leyen called for boosting common funding for EU’s strategy to shift away from Russian fossil fuel while also signalled that she’s open to discussing a temporary broad price cap on gas.”EUR/USD stays below 0.9900 after EU sales data

EUR/USD is trading little changed on the day below 0.9900 in the European session on Thursday. Eurostat reported that Retail Sales declined by 0.3% in August in the euro area but this data was largely ignored by investors who await the ECB’s meeting accounts.

EUR/USD News 

GBP/USD extends losses below 1.1300 amid UK rating downgrade

GBP/USD is extending the decline below 1.1300, as investors digest the UK sovereign rating downgrade amid political and economic woes. The pair is weighed down by the resurgent haven demand for the US dollar, as risk sentiment turns sour. US data eyed. 

GBP/USD News 

Gold turns south towards $1,710 as US dollar rebounds with yields

Gold price is falling towards $1,710, as the US dollar rebounds firmly alongside the Treasury yields. The market turns cautious amid geopolitical tensions and a lack of clarity on the Fed rate hike outlook. US data and Fedspeak in focus. 

Gold News 

Dogecoin price and on-chain metrics forecast 35% rally for DOGE

Dogecoin price has been stuck trading between two barriers since August 28. The recent attempt to push through the upper limit indicates that DOGE buyers are ready to push it higher. 

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