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Bears returned fully to game on Monday after Friday’s brief pause on Fed Powell’s remarks, pushing the Euro to the lowest in three weeks. The pair slid over 0.5% until mid-US session and cracked pivotal support at 1.0818 (200DMA), looking for a bearish signal on firm break, which will be confirmed on extension and close […]

The post EUR/USD: Bears Tighten Grip and Crack Pivotal Supports appeared first on Action Forex.

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02/05/2024

EUR/GBP outlook: Thin Daily Cloud Provides a Lot of Headwinds and Keeps Risk of Recovery Stall

Two-day recovery seems to be running out of steam, following repeated failure to break above thin daily cloud, with long upper shadows on daily candles, warning of persisting pressure. Technical picture on daily chart is bearishly aligned as MA’s remain in full bearish setup and 14-day momentum turned south and nearing the centreline. Another failure […]
31/05/2024

Focus for Global Trading on EMU and US Inflation Data Series

Markets The bond market sell-off/curve steepener from earlier this week yesterday ran into resistance. Data were not really high-profile but at least didn’t push a continuation of the ascent in yields. Going into today’s EMU Flash CPI, Spanish May inflation (headline HICP 3.8%, core 3.0%) was close to expectations. US Q1 GDP was slightly downwardly […]
15/02/2024

GBPUSD Edges Down as UK Slips into Mild Recession

GBPUSD holds above key support trendline despite disappointing UK GDP data Short-term trend deteriorates, but confirmation needed below 1.2500 GBPUSD remained squeezed between the 1.2563 resistance and the key support trendline from the 2022 record low in the four-hour chart despite the UK economy falling into a mild technical recession in Q4 2023. The market […]