EUR/USD’s upside momentum faltered once again around 1.0630.The breakout of that resistance could lead up to a test of 1.0713.
EUR/USD gives away initial gains and sinks in the red territory well south of the 1.0600 support on Thursday.Subsequent bullish attempts need to clear the short-term top in the 1.0630/35 band (January 4,5) to allow for a potential visit to the weekly top at 1.0713 (December 30). Once cleared, the pair could then confront the December 2022 peak at 1.0736 (December 15).
The constructive outlook for EUR/USD should remain unchanged while above the key 200-day SMA, today at 1.0314.
EUR/USD drops below 1.0550 after upbeat US jobs data
EUR/USD came under heavy bearish pressure and dropped below 1.0550 in the American session on Thursday. The data from the US showed that employment in private sector grew at a stronger pace than expected in December, providing a boost to the US Dollar.
GBP/USD closes in on 1.1900 on renewed US Dollar strength
GBP/USD turned south and declined sharply toward 1.1900 on Thursday. US ADP Employment Change for December arrived at 235K to beat the market expectation of 150K by a wide margin and helped the US Dollar outperfor its major rivals.
Gold declines below $1,840 as US yields gain traction
Gold price has extended its daily slide and declined below $1,840. Following the upbeat private sector employment data from the US, the benchmark 10-year US Treasury bond yield is up more than 2% on the day above 3.75%, forcing XAU/USD to stay on the back foot.