The breach of 1.0700 could pave the way for a sustained drop.EUR/USD keeps the bearish note well in place and keeps the trade near the key 1.0700 zone on Monday.
The ongoing bearish development could force the pair to break below the 1.0700 region and thus expose a deeper pullback to, initially, the March low of 1.0516 (March 15) in the near term.
Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0485.
EUR/USD loses recovery momentum, stays above 1.0700
EUR/USD has lost its traction after having recovered toward 1.0750 earlier in the day and retreated below 1.0720. The trading action remains subdued in financial markets on Monday as US markets remain closed in observance of the Memorial Day holiday.
EUR/USD News
GBP/USD retreats below 1.2350 in quiet day
GBP/USD has erased its gains and turned flat on the day slightly below 1.2350 on Monday. The pair is likely to have a difficult time finding direction in the second half of the day as UK and US markets enjoy a long weekend.
GBP/USD News
Gold extends sideways grind near $1,950
Gold price continues to fluctuate in a tight channel at around $1,950 following last week’s sharp decline. With US bond markets remaining closed on Memorial Day, XAU/USD struggles to find a directional catalyst ahead of this week’s key data releases.
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