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 lower on Tuesday, pushing towards the middle band of the Bollinger Bands. Currently, the EUR/USD is trading just below the middle band, suggesting the potential for another push lower movement. The Relative Strength Index (RSI) stands at 49, indicating that the EUR/USD is back in neutral bias.
Resistance: 1.0616, 1.0705
Support: 1.0561, 1.0500
XAU/USD Slips as Resurgent US Dollar Overshadows Global Tensions
Gold prices faced downward pressure, with XAU/USD hitting an intraday low of $1,953.53 per troy ounce during London trading hours due to a resurgence in demand for the US Dollar. While global tensions simmered with delays in a ground incursion into the Gaza Strip and calls for a peaceful resolution, the Greenback gained strength, benefiting from positive US data and concerns about a steeper economic contraction in Europe, leading to a modest recovery after mid-day trading.
Based on technical analysis, XAU/USD is moving in consolidation on Tuesday and able to reach the middle band of the Bollinger Bands. Currently, the price of gold is moving just around the middle band, suggesting a possible continuation movement. The Relative Strength Index (RSI) currently registers at 58, indicating a neutral bias for the XAU/USD pair.
Resistance: $1,985, $2,002
Support: $1,973, $1,947
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