EUR/USD eyes next resistance zone at 1.0630/1.0690 .

EUR/USD is inching towards the next resistance zone of 1.0630/1.0690. Failure to surpass this area could lead to a short-term pullback, economists at Société Générale report. 

The bounce is likely to persist.“EUR/USD has given a break above the brief consolidation since mid-November; this crossover highlights the bounce is likely to persist.”

“The pair is gradually inching towards next potential resistance zone at 1.0630/1.0690 representing projections, the low of March 2020 and the descending trend line connecting highs of June 2021 and February 2022. In case the up-move falters near this hurdle, a short-term pullback is not ruled out.”  

“EUR/USD has recently reclaimed its 200DMA and ideally this Moving Average (1.0365) should provide support should a pullback develop. Failure can lead to a revisit of the lower end of recent consolidation zone near 1.0220.”

EUR/USD drops below 1.0550 after upbeat US data

EUR/USD lost its traction and turned negative on the day below 1.0550 in the American session. The ISM Services PMI data in the US improved to 56.5 in November from 54.4 in October, providing a boost to the US Dollar. 


GBP/USD extends slide below 1.2200 on renewed US Dollar strength

GBP/USD extended its slide and fell below 1.2200 on Monday. The better-than-expected ISM Services PMI data from the US and the risk-averse market environment, as reflected by falling US stocks, weigh on the pair n the American session.


Gold slumps below $1,780 as US yields push higher

Gold price continued to push lower in the second half of the day on Monday and broke below $1,780. Following the upbeat ISM Services PMI report from the US, the benchmark 10-year US Treasury bond yield is up more than 2%, forcing XAU/USD to stay under bearish pressure.

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