Spreads
Spreads
Spreads
Spreads
Spreads
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
EUR/USD Recovers as Weak US Data and Holidays Keep Market Calm
The EUR/USD rebounded above 1.0900 during the American session as the US dollar lost momentum due to disappointing economic data and the US holidays. The upcoming release of employment data and FOMC minutes will play a crucial role. Despite negative revisions to the Eurozone Manufacturing PMI, the European Central Bank (ECB) plans to raise interest rates in July and the odds of another hike in September are over 50%. The weaker US dollar pushed the EUR/USD higher, while hawkish Federal Reserve comments provided support.
According to technical analysis, the EUR/USD pair remained flat on Monday and reached the middle band of the Bollinger Bands. Currently, the price is slightly above the middle band of the Bollinger Bands, indicating a potential upward movement towards the upper band. The Relative Strength Index (RSI) is currently at 51, suggesting that the EUR/USD is in a neutral position.
Resistance: 1.0926, 1.0965
Support: 1.0883, 1.0842
XAU/USD (4 Hours)
Spot Gold (XAU/USD) Gains as Weak US Data Pushes Dollar Down
Spot Gold (XAU/USD) experienced a recovery on Monday, bouncing back from its lowest level since mid-March at $1,892.95 per troy ounce. The US Dollar initially found some support but eventually turned south against most rivals during the American session. The advance of XAU/USD intensified following the release of disappointing US data, with the June ISM Manufacturing PMI falling to 46, missing expectations of 47.2. The contraction in manufacturing output for eight consecutive months, along with easing inflation, has kept financial markets positive and diverted attention away from the USD. Employment-related figures will be closely watched this week, leading up to the release of the June Nonfarm Payrolls report on Friday.
According to technical analysis, the XAU/USD pair is experiencing an upward movement on Monday, with the ability to reach the upper band of the Bollinger Bands. At present, the price is slightly below the upper band and may potentially move downwards towards the middle band of the Bollinger Bands. The Relative Strength Index (RSI) currently stands at 56, having risen from a lower level, indicating a neutral stance for XAU/USD.
Resistance: $1,923, $1,932
Support: $1,911, $1,903
Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.
