The EUR/USD pair has been on a rollercoaster ride, starting a recovery wave from the 1.0600 zone. Despite testing the 1.0598 low, the bulls managed to make an appearance and push the pair above the 1.0650 and 1.0680 resistance levels. However, the bears are showing some activity near the 1.0740 level, causing the pair to consolidate near the 100 simple moving average on the 4-hour chart.
Immediate resistance is seen near the 1.0740 level, with the first key resistance at 1.0775. A clear move above this resistance could potentially send the pair further higher towards 1.0850. On the flip side, immediate support is at the 1.0680 level, with a key bullish trend line forming at the same level. The next major support is at 1.0620, and a downside break below this could see the pair testing 1.0600, with the main support at 1.0580.
Meanwhile, the GBP/USD pair is eyeing an upside break above the 1.2550 resistance zone. The price action in this pair will be crucial in determining whether the bulls can maintain control and push the pair higher.
Gold prices are currently consolidating near the $2,320 zone after extending losses. The bears seem to be active near the $2,350 resistance zone, indicating a potential struggle for the bulls to push the price higher.
The Euro Zone Economic Sentiment Indicator for April 2024 is forecasted to be 98.1, compared to the previous 96.3. Additionally, the German Consumer Price Index for April 2024 is expected to show a +2.2% change year over year, the same as the previous period. These economic releases could have an impact on the EUR/USD pair and gold prices, depending on whether they meet, exceed, or fall short of expectations.
The EUR/USD pair is experiencing a recovery wave, with key levels to watch for potential breakouts in either direction. The GBP/USD pair is eyeing an upside break, while gold prices are consolidating near a crucial resistance zone. Economic releases will play a significant role in determining the future direction of these assets. Traders and investors should stay tuned to the latest developments to position themselves accordingly in these volatile markets.