EUR/USD picks up some traction and revisits 1.0890.The multi-week lows near 1.0850 hold the downside so far.Following a test of the mid-1.0800s – an area coincident with the 55-day.EUR/USD manages to pick up pace and revisit 1.0890.
Immediately to the upside now comes the psychological 1.1000 hurdle. A sustainable breakout of this hurdle exposes a probable test of the 2023 peak at 1.1095 (April 26) just before the round level at 1.1100.Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0454.
EUR/USD clings to recovery gains above 1.0850
EUR/USD has staged a rebound and stabilized above 1.0850 on Monday after having suffered heavy losses late last week. The cautious market stance limits the US Dollar’s losses in the early American session, making it difficult for EUR/USD to gather bullish momentum.
GBP/USD extends rebound above 1.2500
GBP/USD has extended its daily rebound and touched a fresh daily high above 1.2500 in the American session on Monday. The renewed US Dollar weakness at the beginning of the week fuels the pair’s recovery as markets assess the latest comments from Fed officials.
Gold: XAU/USD grinds higher on easing USD demand
Spot gold trades with modest gains at around $2,020 a troy ounce in a slow start to the week. XAU/USD advances amid easing US Dollar demand amid a better market mood.
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