Spreads
Spreads
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Spreads
Spreads
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EUR/USD (4 Hours)
EUR/USD Holds within Familiar Range as Market Awaits Key Economic Data and Central Bank Meetings
The EUR/USD pair saw a modest rise on Monday, remaining below the 1.0800 level while showing limited corrections and potential for upside movement. The upcoming US inflation data on Tuesday, alongside the Federal Reserve (Fed) and European Central Bank (ECB) meetings later in the week, are expected to shape the pair’s next direction. This week holds significant importance for financial markets, with the focus on the US Consumer Price Index (CPI) for May and the interest rate decisions from the Fed and ECB. Volatility and potential for erratic moves are expected, making stability more likely after the ECB meeting on Thursday.
According to technical analysis, the EUR/USD pair experienced an upward movement on Monday, with the price trading along and above the middle band of the Bollinger Bands. At present, the EUR/USD is still hovering around the middle band of the Bollinger Bands, suggesting that there is a possibility that the market is awaiting the next movement, but the overall sentiment remains bullish. The Relative Strength Index (RSI) is currently at 57, indicating that the EUR/USD is still in a bullish trend.
Resistance: 1.0808, 1.0847
Support: 1.0757, 1.0721
Gold (XAU/USD) Dips on Positive Market Sentiment, Investors Await Key Data and Central Bank Decisions
On Monday, spot gold (XAU/USD) prices fell to a daily low of $1,949.20 per troy ounce due to a more positive market sentiment driven by global stock recoveries. Investors are cautious as they await crucial data releases and monetary policy decisions from central banks, including the Federal Reserve (Fed). The unexpected rate hikes by the Reserve Bank of Australia (RBA) and the Bank of Canada (BoC) have raised doubts about the conclusion of the tightening cycle in the US. The upcoming release of the US Consumer Price Index for May will provide further insights, with expectations of a slight decrease in inflation. This week also features monetary policy decisions from the ECB, BoJ, and PBoC, shaping the overall market outlook.
According to technical analysis, the XAU/USD pair is trending lower on Monday as the market awaits today’s US inflation data. The XAU/USD is currently trading around the middle band of the Bollinger Bands, indicating a possibility of a slight upward movement throughout the day. At present, the Relative Strength Index (RSI) stands at 48, suggesting that the XAU/USD is in a neutral state and is awaiting further developments.
Resistance: $1,972, $1,982
Support: $1,955, $1,939
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