EUR/USD is in focus ahead of US inflation and ECB

EUR/USD is in focus ahead of US inflation and ECB

Latest news

  • Biden canceled bans on TikTok and WeChat, imposed by Trump. He ordered an investigation of the apps from foreign adversaries to check a possible security risk.
  • The US inflation will come out today at 15:30 GMT+3. Traders can’t wait to see the numbers as they will shed the light on when the Fed might start talking about tapering asset purchases. It will impact hugely EUR/USD.
  • The ECB will make a policy statement at 14:45 GMT+3. The optimistic tone of the bank will support the euro, while the cautious or uncertain tone may press the euro down.
  • Bitcoin recovered some losses due to El Salvador’s President, who allowed to use the BTC as a legal tender.

Technical outlook

EUR/USD is moving inside the descending channel. If it manages to cross the lows of early June at 1.2160, it may fall to the 200-period moving average of 1.2145. On the flip side, the move above the 50-period moving average of 1.2185 will open the doors up to yesterday’s high of 1.2200.

EURUSDH4.png

Gold has started the day on the back foot as the USD strengthened. If it drops below Monday’s low of $1885, it may fall to the low of June 4 at $1870. In the opposite scenario, the move above the psychological mark of $1900 will push the pair to the next resistance level of $1910. The long-term trend is bullish, and since gold tends to stick to its long-term trend, we would expect gold to rise in the long run.

XAUUSDDaily.png

Brent oil (XBR/USD) dropped but was supported by the lower trend line at $71.50. The way to $72.00 is open now. If the price manages to cross it, the way up to yesterday’s high of $72.50 will be open. Support levels are the 50-period moving average of $71.00 and Tuesday’s low of $70.50.

XBRUSDH4.png

USD/JPY is edging higher inside the ascending channel. The move above the high of May 28 at 109.80 will open the doors to the high of June 4 at 110.30. On the flip side, if it drops below the lower trend line at 109.15, the pair may fall to the low of May 24 at 108.65.

USDJPYDaily.png

TRADE NOW

Similar

Trade ideas for June 21-26
Trade ideas for June 21-26

Last week the USD soared versus other major currencies, while gold headed for the biggest weekly loss in 15 months. Let’s see what new moves await us this week!

US dollar rallies up after Fed
US dollar rallies up after Fed

The US dollar has surged to levels unseen since April after the Fed's decision back on Wednesday. Gold has reversed up from the local dips. Still, this week was the worst for gold in more than a year.

Latest news

Deposit with your local payment systems

Learn more

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera