EUR/USD Price Analysis: Potential correction ahead of extra gains?.

EUR/USD advances to new highs in the 1.1240/45 band.The next up-barrier emerges not before 1.1495.EUR/USD’s intense upside seems to have met an initial barrier around 1.1240, or 2023 peaks, so far on Friday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions might spark a corrective knee-jerk. Further upside is then expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0651.

EUR/USD holds above 1.1200 after US data

EUR/USD continues to fluctuate in its daily range above 1.1200 as the US Dollar clings to modest recovery gains after better-than-expected confidence data. The pair is up more than 200 pips week and remains on track to post its highest weekly close since February 2022.

EUR/USD News

GBP/USD holds steady above 1.3100, US data eyed

GBP/USD stays in a consolidation phase slightly above 1.3100 following the impressive rally that saw the pair reach its highest level in over a year. The UoM Consumer Confidence will be featured in the US economic docket ahead of the weekend.

GBP/USD News

Gold holds steady at around $1,960

Following Thursday’s choppy action, Gold price holds steady at around $1,960 on Friday. The benchmark 10-year US Treasury bond yield moves sideways below 3.8%, failing to provide a directional clue to XAU/USD ahead of US consumer confidence data.