ACT Markets > Blog > Financial Market > The EUR/USD Could Possibly Move Higher, Gold Recovering Gains

The EUR/USD Could Possibly Move Higher, Gold Recovering Gains

May 8, 2023 Financial Market

Key Take-Aways

  • Close to 1.10850, the price of EUR/USD encountered resistance
  • On the 4-hour time-frame chart, a significant bullish trend line is developing with support at 1.09500
  • For GBP/USD, it ascended over the key resistance at  1.2620.
  • Gold is recovering gains gradually

Technical Analysis of EUR/USD

The EUR/USD attempted to break the 1.10800 resistance zone before it experienced rejection to the downside. Close to the support region, it gained momentum and push gains toward the resistance.

The possibility of resistance break lies on the buyers. If the 1.10850 resistance is broken, massive gains could be accumulated as core economic fundamentals remain bullish.

However, if selling pressure triggers, downside moves toward the 1.09200 support zone is feasible. this level hold, it will be followed by an upward move and a possible break above the resistance zone.

Economic Release To watch

  • The Japan Monetary Policy Minutes
Author:
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.

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