EUR/USD fails to extend the bounce past the 1.0780 level.The 3-month line near 1.0780 keeps capping the upside.EUR/USD bounces off Tuesday’s lows near 1.0670, although the bullish attempt runs out of steam near 1.0760.
As long as the 3-month resistance line near 1.0780 continues to cap the upside, the pair is expected to remain under pressure and thus another move to the February low near 1.0670 should not be discarded just yet.In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0319.
EUR/USD erases daily recovery gains, trades below 1.0750
EUR/USD has failed to build on its early recovery gains and retreated below 1.0750 on Wednesday. The negative shift witnessed in risk mood helps the US Dollar holds its ground against its rivals and causes the pair to stretch lower as investors await Fedspeak.
GBP/USD holds below 1.2100 as mood sours
GBP/USD has failed to stabilize above 1.2100 and erased a portion of its daily gains. The US Dollar preserves its strength amid the souring market sentiment and makes it difficult for the pair to gather recovery momentum. Markets will pay close attention to comments from Fed officials.
Gold clings to modest daily gains at around $1,880
Gold price trades in a relatively tight range at around $1,880 on Wednesday. Although the US Dollar manages to stay resilient against its major rivals, the modest decline witnessed in the benchmark 10-year US Treasury bond yield helps XAU/USD limit its losses.
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