EUR/USD: A weekly close above 1.0580 will be technically bullish .

EUR/USD retains a positive undertone. Economists at Scotiabank note that a weekly close above 1.0580 will be technically bullish.EUR’s technical resilience looks impressive

“Minor dips are finding decent support near the mid 1.05 zone which may help revive spot gains for a retest of the upper 1.05s into the end of the week.”

“The EUR’s technical resilience looks impressive, from our point of view; it shrugged off a hefty (technically negative) loss earlier this week and remains within striking distance of 1.06.” 

“A weekly close above 1.0580 will be technically bullish from a medium-term point of view.”

EUR/USD retreats below 1.0550 amid renewed US Dollar strength

EUR/USD has lost its traction and declined below 1.0550 in the early American session. The data from the US showed that the annual Core PPI was higher than expected in November, helping the US Dollar stage a rebound and weighing on the pair.

EUR/USD News 

GBP/USD stays in positive territory above 1.2250 after US data

GBP/USD dropped toward 1.2200 with the initial reaction to stronger-than-expected Core PPI data for November but managed to stage a rebound. As focus shifts to UoM Consumer Sentiment Survey from the US, the pair stays in positive territory slightly above 1.2250.

GBP/USD News 

Gold struggles to hold above $1,800

After having climbed to a fresh daily high of $1,804, Gold price erased some of its daily gains and declined below $1,800 in the early American session. With the benchmark 10-year US Treasury bond yield holding above 3.5% after PPI data, XAU/USD struggles to gather bullish momentum.

Leave a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s