EUR/USD
EURUSD reduced speed after steep rally in past three days which hit new 2024 top (1.1132) just ticks ahead of Dec 2023 top (1.1139).
The single currency continues to benefit from risk appetite and weak dollar on Fed rate cut expectations, with release of FOMC minutes today, to shed more light on the depth of policy easing.
Overextended daily indicators signal that larger bulls may pause for consolidation, with dips likely to be shallow on firmly bullish sentiment, while dovish Fed minutes to add fresh support. Breach of 1.1139 pivot to open way for attack at 2023 peak (1.1275).
Alternative scenario sees less dovish than expected stance of Fed as a trigger for Euro’s deeper drop, with loss of 1.10 support zone (10DMA / psychological) to risk downside acceleration
Res: 1.1132; 1.1139; 1.1220; 1.1275.
Sup: 1.1072; 1.1021; 1.1000; 1.0949.
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1100 ahead of FOMC Minutes
![EUR/USD consolidates weekly gains above 1.1100 ahead of FOMC Minutes](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-13797882_XtraSmall.jpg)
EUR/USD fluctuates in a tight range above 1.1100 after setting a new 2024-high earlier in the day. The mixed action seen in Wall Street helps the US Dollar hold its ground and limits the pair's upside as markets await FOMC Minutes.
GBP/USD climbs to new yearly high above 1.3050
![GBP/USD climbs to new yearly high above 1.3050](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-1178148633_XtraSmall.jpg)
GBP/USD regains its traction and trades at its highest level since July 2023 above 1.3050. The US Dollar struggles to build on earlier recovery gains and helps the pair hold its ground. The Federal Reserve will release the minutes of the July 30-31 policy meeting later in the day.
Gold retreats from record highs, tests $2,500
![Gold retreats from record highs, tests $2,500](https://editorial.fxstreet.com/images/Markets/Currencies/Crosses/XAUUSD/gold-ingot-20089693_XtraSmall.jpg)
Gold retreats from the all-time-high it set above $2,530 and tests $2,500 in the American session on Wednesday. Ahead of the FOMC Minutes, the benchmark 10-year US Treasury bond yield holds steady near 3.8%, making it hard for XAU/USD to preserve its bullish momentum.
Top three AI-related tokens yielding highest gains year-to-date: AIOZ, AR, FET
![Top three AI-related tokens yielding highest gains year-to-date: AIOZ, AR, FET](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
The Artificial Intelligence (AI) sector in the crypto market has a few protocols whose tokens have generated significant yields for users since the beginning of 2024.
Where is the US Dollar heading after the Fed paved the way for a September cut? Premium
![Where is the US Dollar heading after the Fed paved the way for a September cut?](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/DollarIndex/money-gm95713421-2487488_XtraSmall.jpg)
Financial markets have been extremely volatile in the last couple of weeks, as all of a sudden, investors realized central bank officials still have the ability to surprise them.
Moneta Markets review 2024: All you need to know
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.