FXOpen
This week, European and commodity currencies suffer. Euro sellers broke last year’s low of 1.0330 and stayed below 1.0300, the GBP/USD pair dropped below 1.2400, and USD/CAD buyers tested the 1.4400 level.
EUR/USD
EUR/USD buyers failed to capitalise on the potential bullish correction signalled by the "Inverted Hammer" pattern. After a false breakout above 1.0450, the price sharply declined below the 2024 low at 1.0330. Yesterday, EUR/USD nearly reached the critical support level at 1.0220 but rebounded by the evening to 1.0270.
In the upcoming trading sessions, the pair might continue its correction toward recent highs at 1.0300–1.0330. If yesterday’s low at 1.0225 is breached, further downward movement to the 1.0100–1.0170 range might happen.
Key Events to Impact EUR/USD Today:
- 11:55 (GMT+2): German Unemployment Change
- 18:00 (GMT+2): US ISM Manufacturing PMI
- 19:00 (GMT+2): Speech by ECB Representative Philip Lane
GBP/USD
Last week, GBP/USD buyers failed to sustain a move above 1.2600. Yesterday, the price not only broke the recent low at 1.2480 but also fell below 1.2400.
The next target for the downward movement could be the 2024 low at 1.2300. A corrective upward retracement might be to the 1.2460–1.2490 range. These levels previously acted as strong support and might now be tested as resistance before the start of a new bearish impulse.
Key Events to Impact GBP/USD Today:
- 12:30 (GMT+2): Bank of England Consumer Credit
- 12:30 (GMT+2): UK Mortgage Approvals
- 21:00 (GMT+2): Atlanta Fed GDPNow Index
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
The Pound Trades Sideways Ahead of Key Macroeconomic Data Releases
Currency pairs GBP/USD and EUR/GBP continue to exhibit moderate volatility, consolidating within narrow ranges as markets await the release of GDP figures from both the UK and the eurozone. Market participants remain cautious, awaiting key economic indicators that
Coinbase (COIN) Shares to Be Added to the S&P 500
According to media reports, shares of the cryptocurrency exchange Coinbase Global (COIN) are scheduled to be added to the S&P 500 index (US SPX 500 mini on FXOpen) on 19 May, replacing Discover Financial Services (DFS), which is
Gold Price Drops to Lowest Level in Over a Month
As shown on the XAU/USD chart, the price of gold fell below $3,130 this morning – its lowest level since 10 April.
Since its peak in May, gold has lost more than 8% in value per ounce.