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EUR/USD recovered losses, all eyes on US Retail Sales

EUR/USD recovered losses, all eyes on US Retail Sales

Information is not investment advice

What you should know before trading on Tuesday

  • Gold dropped to almost the lowest level in a month as metals slide ahead of the Fed meeting on Wednesday.
  • Most stock indices are at all-time highs! S&P 500 (US 500) and Nasdaq 100 (US 100) have reached a new record as well.
  • Bitcoin has broken above $41,000 for the first time since late May after fund manager Jones supported the BTC in an interview. The rally has paused for a while, but it’s likely to continue as investors see Bitcoin as an inflation hedge.
  • Follow US Retail Sales at 15:30 MT time. If the numbers are better than expected, it may push the USD up. If worse – down.

Technical outlook

EUR/USD is recovering after the enormous slump on Monday. It has reversed up from the 50-day moving average of 1.2090 and keeps edging higher. It may rise to the 50-period moving average of 1.2150, but it’s unlikely to cross this resistance level on the first try. On the flip side, the move below the recent low of 1.2090 will push the pair to the next support level at 1.2060.

EURUSDDaily.pngEURUSDH4.png

After the amazing May, gold is losing its value in June. It has reversed down. If it drops below the low of June 4 at $1855, it may fall to the 200-day moving average of $1840. In the opposite scenario, if it jumps above $1875, it may rise to the next round number of $1890.

XAUUSDDaily.png

USD/JPY is moving inside the ascending channel. It has pulled back after breaking the psychological mark of 110.00. It might be a natural sell-off ahead of the further rally up. The move above April highs of 110.25 will push the pair to the next resistance level of 110.65. Support levels are at the 50-period moving average of 109.65 and the 100-period MA of 109.5.

USDJPYH4.png

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