EUR/USD sees its upside bias dented somewhat on Tuesday.The 1.0804 level still emerges as the next up-barrier so far.EUR/USD comes under fresh downside pressure following recent multi-week highs near 1.0750.
The continuation of the uptrend appears in store for the time being. Against that, a convincing move above 1.0750 should open the door the weekly high at 1.0804 (February 14). Further up, there are no resistance levels of note until the 2023 peak at 1.1032 (February 2).
Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0324.
EUR/USD has lost its traction and declined to the 1.0700 area in the early American session on Tuesday. After the data from the US showed that core inflation remained sticky in February, the US Dollar managed to stage a rebound and erased some of Monday’s losses, weighing on the pair.
GBP/USD loses traction, declines toward 1.2150
GBP/USD spiked to a session high of 1.2200 but reversed its direction and declined toward 1.2150 amid renewed US Dollar strength. The annual Consumer Price Index (CPI) in the US declined to 6% in February as expected while the monthly core CPI came in slightly higher than forecast.
Gold tests $1,900 as US yields gain traction
Gold price came under renewed bearish pressure and declined to the $1,900 area in the American session. The benchmark 10-year US Treasury bond yield is up nearly 3% on the day after February inflation data from the US, forcing XAU/USD to stay on the back foot.
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