EUR/USD prods three-day winning streak while retreating from one-week-old horizontal hurdle..EUR/USD is on the cusp of printing the first intraday loss in four as it takes offers to reverse intraday gains around a one-week high, falling to 1.1050 amid early Tuesday morning in Europe. In doing so, the Euro pair takes a U-turn from a short-term key horizontal resistance amid the overbought RSI (14) line.
With this, the EUR/USD sellers are well set to test a two-week-old horizontal support zone of around 1.1000.However, the 200-Hour Moving Average (HMA) and an upward-sloping trend line from April 10, forming part of a bearish triangle formation, respectively near 1.0985 and 1.0960, can challenge the EUR/USD bears afterward.
In a case where the Euro pair drops below 1.0960, the odds of witnessing a south run towards the 61.8% Fibonacci retracement level of April 10-14 upside, near 1.0930, can act as the last defense of the EUR/USD buyers.On the contrary, a sustained break of the stated triangle’s top line, close to 1.1070, will defy the bearish chart pattern and can prod the latest multi-month high of around 1.1075.
Though, the EUR/USD pair’s successful trading beyond 1.1075 won’t hesitate to challenge the late March 2022 high surrounding 1.1185.Overall, EUR/USD pair is likely to decline in the short term but the bullish trend remains intact unless the quote stays beyond 1.0930.
EUR/USD drops toward 1.1000 amid overbought RSI
EUR/USD is on the cusp of printing the first intraday loss in four as it takes offers to reverse intraday gains around a one-week high, falling to 1.1050 amid early Tuesday morning in Europe.
EUR/USD News
GBP/USD corrects further to 1.2480 as Fed policy comes into picture ahead of US GDP
The GBP/USD pair has dropped after failing to sustain above the psychological resistance of 1.2500 in the early European session. The Cable has sensed selling pressure as the US Dollar Index (DXY) is aiming to extend its recovery above 101.33.
GBP/USD News
Gold rebound needs validation from $2,010 and US GDP
Gold price consolidates the last two-week losses as market sentiment dwindles amid a light calendar, allowing traders to better prepare for the key US Q1 GDP and Core PCE Price Index, the Fed’s favorite inflation gauge.
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Bitcoin price shows a bullish setup in formation, hinting at an optimistic start to the week. If this technical formation plays out, BTC could be due for a quick recovery rally that could retest a key psychological level.
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