EURUSD Price Analysis: The 55-day SMA should hold the downside.

EURUSD adds to the weekly decline below the parity level.The continuation of the downside could see the 55-day SMA retested.EURUSD retreats for the second consecutive session and breaches the key parity mark on Thursday.

If spot accelerates losses, it could then challenge the 55-day SMA, today at 0.9888, prior to another visit to the 9-month support line around 0.9840. Below the latter, the pair could see the near-term bearish outlook reinstated.In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0442.

EURUSD falls toward 0.9950 ahead of US CPI data

EURUSD has extended its daily slide toward 0.9950 during the European trading hours. Ahead of the October Consumer Price Index data from the US, the cautious market mood helps the US Dollar preserve its strength and forces the pair to stay on the back foot.

EUR/USD News 

GBPUSD fluctuates in a tight range below 1.1400

GBPUSD has gone into a consolidation phase after having declined below 1.1400 in the European session. The risk-averse market atmosphere helps the US Dollar holds its ground as the focus shifts to the US October inflation data. 

GBPUSD News 

Gold holds above $1,700 as US yields stay quiet

Gold price continues to move sideways slightly above $1,700 on Thursday. The benchmark 10-year US Treasury bond yield stays flat above 4.1% ahead of US CPI data, making it difficult for XAUUSD to make a decisive move in either direction.

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