EUR’s slide continues. Economists at Scotiabank note that the EUR/USD pair could dive as low as 1.0460.More declines ahead for EUR/USD
“A third consecutive lower weekly close and losses, if rather limited so far, below key short-term support at 1.0660 target more declines ahead for EUR/USD from a technical point of view.”
“The break-out from the Feb range implies downside risks extending to the low 1.05 area over the next 2-4 weeks. An overshoot to retracement support at 1.0460 (38.2% Fib of the 0.95/1.10 rally) cannot be excluded as a risk.” toward 1.1900 amid risk aversion
GBP/USD has extended its slide toward 1.1900 heading into the American session amid the negative shift witnessed in risk sentiment on Friday. Although the data from the UK showed that Retail Sales rose by 0.5% in January, it failed to help the pair gain traction.
EUR/USD drops toward 1.0600 amid notable USD demand
EUR/USD stays under bearish pressure and continues to push lower toward 1.0600, trading at its lowest level in six weeks. The pair is undermined by a broadly firmer US Dollar amid rallying US Treasury bond yields and risk aversion. ECB and Federal Reserve speeches eyed.
Gold needs a weekly closing below $1,825 to target $1,800
Gold price is extending its three-day bearish momentum on Friday, following Thursday’s sharp reversal from near the $1,850 level. The buying interest around the United States Dollar (USD) remains unabated amid hawkish US Federal Reserve (Fed) expectations.
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