EURUSD moves lower with ECB’s Lagarde & Fed Powell focused . Gold extends losses before Powell’s testimony before Congress.
EUR/USD is edging lower, extending losses within the previous session after the USD traced treasury yields higher and therefore the Euro fretted over lengthy coalition talks in Germany.
Today German GFK consumer confidence came in better than expected in October at 0.3, up from -1.1 in September and defying a steeper decline of -1.6 forecast.
US Consumer confidence survey from the Conference Board is due later today.
However, financial institution speaks are going to be the key focus with ECB’s Lagarde and Fed Powell both thanks to speak additionally to a number of other ECB and Fed speakers.
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After forming a double top at the beginning of the month EUR/USD has been trending lower. It trades below its month old descending trendline and below the 50 sma.
The RSI is supportive of further losses whilst it remains out of oversold territory.
Support are often seen at 1.1685 last week’s low before 1.1665. an opportunity below here could expose 1.16 A level last seen in November last year.
Any recovery would wish to retake 1.1730 the falling trendline before 1.1750 last week’s high. this might expose the 50 sma at 1.1780.
Gold prices are struggling amid rallying US treasury yields boosting the US Dollar. US treasury yields are trading around 3-month highs
Investors are looking past the Evergrande drama and fears that it could default and are that specialize in more hawkish central banks amid the improving economic picture.
Attention is now on Federal Reserve System Chair Jerome Powell who is thanks to testify before Congress later today after he commented that the Feed would move against surging inflation if required.
Gold trades below its month old falling trendline, and below its 50 sma. The formation of a double top at the beginning of the month and therefore the bearish RSI are keeping the Gold bears optimistic.
Immediate support are often seen at 1737 last week’s low. A breakthrough here could open the door to 1717 the August 10 low and 1700 round number, before bears look towards 1680 the August low.
Any recovery would wish to retake 1760 yesterday’s high, before 1775 the falling trendline resistance. it might take a move above 1788 the 50 sma for the bulls to realize traction.