EUR/JPY drops heavily and breaks below the key 200-day SMA.Further weakness could see the February low revisited near term.The abrupt sell-off forces EUR/JPY to break below the 141.00 mark and leave behind the key 200-day SMA at 141.77 at the same time.
The sharp retracement could now motivate the cross to challenge the February low at 139.54 (February 10), while the breach of the latter could put a potential drop to the 2023 low at 137.38 (January 3) back on the radar.
Below the 200-day SMA the outlook for the cross is expected to shift to negative.
EUR/USD extends slide toward 1.0600 as flight to safety intensifies
EUR/USD came under heavy bearish pressure and declined toward 1.0600 in the European session on Wednesday. The sharp decline witnessed in European banking stocks led by Credit Suisse seems to have triggered a flight to safety, allowing the US Dollar to gather strength.
EUR/USD News
GBP/USD pierces below 1.2100 as investors seek refuge
Following a consolidation phase below 1.2200 in the Asian session, GBP/USD turned south and dropped below 1.2100. The negative shift witnessed in risk sentiment amid Europe bank stock rout helps the US Dollar outperform its rivals and forces the pair to stay under bearish pressure.
GBP/USD News
Gold rebounds to $1,910 as US yields turn south
Gold price gathered bullish momentum and climbed back above $1,900 in the European session on Wednesday. The sharp decline witnessed in the benchmark 10-year US Treasury bond yield provides a boost to XAU/USD as markets react to selloff in European bank shares.
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