EUR/USD bounces off lows near the 1.0800 mark.Bets for another test of the 2023 high seem to be losing ground.EUR/USD manages to reverse the earlier pullback to 2-week lows near the 1.0800 region on Tuesday.If the downside picks up pace, then the next support of note is seen emerging at the weekly low at 1.0766 (January 18) prior to the 3-month support line just above 1.0700.
The continuation of the uptrend now needs to clear the 2023 high at 1.0929 (January 26) to allow for a test of the weekly top at 1.0936 (April 21 2022). A sustainable break above this level could pave the way for a challenge of the key barrier at 1.1000
In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0311.
EUR/USD recovers to 1.0850 area as US Dollar loses strength
EUR/USD has gained traction and recovered above 1.0850 after having declined toward 1.0800 earlier in the day. Following the lower-than-expected Employment Cost Index data from the US, the US Dollar lost its strength and allowed the pair to pull away from session lows.
EUR/USD News
GBP/USD rebounds modestly, trades above 1.2300
GBP/USD has managed to erase a portion of its daily losses after having tested 1.2300 in the European session. Although the US Dollar is struggling to hold its ground after the latest US data, the risk-averse market environment limit’s the pair’s upside for now.
GBP/USD News
Gold rises to $1,920 area as US yields turn south
Gold price has reversed its direction and advanced to the $1,920 area in the American session on Monday. Following the latest data releases from the US, the 10-year US Treasury bond yield is down more than 1% on the day slightly below 3.5%, fueling XAU/USD’s rebound.
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