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 Surges to One-Month High as Weaker US Dollar Drives Momentum
The EUR/USD pair rallied significantly on Monday, breaking a downtrend line and reaching 1.0676, its highest level in a month, primarily due to a sharp decline in the US Dollar and improved market sentiment. As the Eurozone and the US prepare to release key PMI data and important monetary policy meetings are on the horizon, the Euro’s outlook remains favorable, though some consolidation may follow the 100-pip rally.
Based on technical analysis, the EUR/USD moved higher on Monday, pushing towards the upper band of the Bollinger Bands. Currently, the EUR/USD is trading at the upper band, suggesting the potential for another push higher movement. The Relative Strength Index (RSI) stands at 75, indicating that the EUR/USD is entering a bullish bias.
Resistance: 1.0705, 1.0770
Support: 1.0630, 1.0561
XAU/USD Retreats from Multi-Month Highs Amid Optimistic Start to the Week”
Spot Gold (XAU/USD) experienced a pullback from recent multi-month highs, briefly dipping to the $1,960 price range before finding support at around $1,977 per troy ounce during the American trading session. This retreat was attributed to easing demand for safe-haven assets, influenced by optimism in the financial markets as the situation in the Middle East, particularly the conflict between Israel and Hamas, showed signs of not escalating. The movement in gold was also influenced by changes in government bond yields and speculation about monetary policies in various countries, including Japan and the United States. As the week progresses, investors are closely watching upcoming events, such as the European Central Bank’s monetary policy decision and the release of key economic indicators in the United States.
Based on technical analysis, XAU/USD is moving in consolidation on Monday and able to reach the middle band of the Bollinger Bands. Currently, the price of gold is moving just above the middle band, suggesting a possible continuation movement. The Relative Strength Index (RSI) currently registers at 63, indicating a bullish bias for the XAU/USD pair.
Resistance: $1,985, $2,002
Support: $1,973, $1,947
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