trendline support for an explosive breakout.
The price is being resisted and a break of 1.0575 will likely encourage the bears to target a break of 1.0500. As per the prior analysis, EUR/USD Price Analysis: Bears sink in their teeth to test bulls at a critical support structure, the bears are capping the bull’s attempts to break higher. We have seen the price start to coil on the backside of the prior bullish trend but still, the Euro remains on the front side of the more dominant bullish trend as the following will illustrate.
EUR/USD prior analysis
the above showed the prospects of an explosive move below trendline support and given the holidays, a narrow range could still be the fuel for the same in the full trading days between Christmas and New Year.
The price is being resisted and a break of 1.0575 will likely encourage the bears to target a break of 1.0500.
EUR/USD clings to small gains above 1.0600 after US data
EUR/USD continues to trade in positive territory slightly above 1.0600 on Friday. The data from the US showed that the annual core PCE inflation declined to 4.7% in November and New Home Sales increased by 5.8%. These data, however, failed to trigger a reaction.
GBP/USD continues to fluctuate in daily range near 1.2050
GBP/USD has struggled to make a decisive move in either direction after the US data and stayed within its daily range at around 1.2050. The US Bureau of Economic Analysis reported that the Core PCE Price Index declined to 4.7% on a yearly basis in November.
Gold struggles to reclaim $1,800 as US yields edge higher
Gold price retreated modestly after having tested $1,800 during the American trading hours. Following the PCE inflation and New Home Sales data from the US, the 10-year US T-bond yield is up more than 1% on the day, not allowing XAU/USD to gather bullish momentum.