USD bears have had an open door to run a break but, so far, they’ve continued to get shy on prints of fresh lows. Tomorrow’s NFP report represents an important driver for the matter.
The US Dollar remains near multi-year lows but whether USD bears can take over seems driven by macro dynamics in USD/JPY.
EUR/USD showed a strong breakout in March that continued through April, but so far in May bulls have stalled and sellers have slowly shown a stronger hand.
Gold has rallied by as much as 76.4% over the past 15 months, and the $3500 level has so far tempered the highs. But bulls haven’t given up just yet…
USD weakness has continued and EUR/USD has broken above the key Fibonacci level at 1.1275 for a fresh weekly high. The question now is whether bulls can force a test of 1.1402 or 1.1500.
USD bears had open invitation to re-take control of the trend at the start of this week, but so far have been stalled at higher-low support with bulls coming in with defense.
The weekly USD bar doesn’t look all that strong but the context matters, as USD bulls have so far defended higher-low support from the daily chart.
EUR/USD came into the week with sellers in full control, but soft US data has helped to bring a pullback to the trend.
The US Dollar held just inside of 102 on Monday and then pulled back after CPI tomorrow. Bulls have so far held a higher-low but this puts a lot of emphasis on tomorrow’s economic calendar.
EUR/USD has built a short-term descending triangle and the same support of 1.1275 is in-play again.
EUR/USD bulls pushed a strong two-month move in March and April, but the question now is whether they can take out the 1.1500 handle.
Gold has finally strung together two consecutive red weeks for the first time in 2025, building an evening star formation along the way. The question now is whether sellers can seize the day.
