Spreads
Spreads
Spreads
Spreads
Spreads
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EUR/USD Finds Support Despite Dovish ECB Stance and Robust US Growth Data
The EUR/USD pair hit a bottom at 1.0521, aligning with the previous week’s lows. This drop came as the European Central Bank (ECB) adopted a more dovish stance, hinting at a possible terminal interest rate amidst economic concerns. Meanwhile, the US Dollar failed to capitalize on better-than-expected US GDP figures, as the Core PCE remained slightly below expectations and employment data raised concerns. Despite these dynamics, the fundamental factors suggest a mixed outlook for EUR/USD, with potential influences from upcoming US Core PCE data.
According to technical analysis, the EUR/USD consolidated on Thursday, approaching the middle band of the Bollinger Bands. Currently, the EUR/USD is trading between the middle and lower bands, indicating the potential for further downward movement. The Relative Strength Index (RSI) is at 43, signaling that the EUR/USD is adopting a bearish bias.
Resistance: 1.0616, 1.0705
Support: 1.0500, 1.0405
XAU/USD ) Resilient as Economic Uncertainties Persist Amid ECB and US GDP Reports
Spot Gold initially surged to $1,993.44 an ounce before receding, influenced by key developments in global economics. The European Central Bank opted to keep rates unchanged due to the Euro Zone’s economic struggles, while the US Dollar strengthened following a robust Q3 GDP report. The uncertain economic outlook drove investors to seek safety in Gold, contributing to its rebound as stock markets faced headwinds.
According to technical analysis, XAU/USD is consolidating on Thursday and has the potential to reach the upper band of the Bollinger Bands, which is currently squeezing. Presently, the price of gold is consolidating near the upper band, implying a possible downward consolidation. The Relative Strength Index (RSI) is currently at 57, indicating a neutral bias for the XAU/USD pair.
Resistance: $1,985, $2,002
Support: $1,970, $1,959
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