The EUR/USD pair is hovering near the 1.0900 mark, gaining ground due to renewed weakness in the US Dollar. The European Central Bank (ECB) hawks are pushing back against early rate cut expectations, offering support to the pair. All eyes are now on ECB President Christine Lagarde and upcoming US data.
Asian Market Influence and Eurozone’s Current Account
Continuing its steady trading for a second day, the EUR/USD pair is changing hands at around 1.0880 before the US market opens. The pair’s trading range is limited, with a peak at 1.0906 and a bottom at 1.0876. The soft tone of Asian share markets has capped the Euro’s upside, while stable government bond yields have curtailed the US Dollar’s demand.
EURUSD Daily Chart
EUR/USD Intraday: Continuation of the Rebound
The EUR/USD pair is exhibiting a promising rebound, with an intraday bullish bias. The recommendation for this asset is a BUY at an entry price (pivot) of 1.0865. Traders should aim for target and take profit levels at 1.0915 and 1.0935 respectively. It’s prudent to limit risk to 3% per trade in the spot market. This strategy is driven by the Relative Strength Index (RSI), which currently indicates an upside momentum.
EURUSD Daily Chart
Lagarde’s Panel Discussion and US Data Release Awaited
The Eurozone has released its November Current Account, showing a seasonally adjusted surplus of €24.6 billion. However, Construction Output in the same month dropped by 1%. The American session will bring US Initial Jobless Claims, the Philadelphia Fed Manufacturing Survey, Building Permits, and Housing Starts. Also, ECB President Christine Lagarde will participate in a panel discussion titled “Uniting Europe’s Markets” at the World Economic Forum in Davos.
GBP/USD Rebound Shows Signs of Slowing Down
The GBP’s bullish reaction to Wednesday’s test of the 1.2600 range base seems to be slowing down in the low-1.2700s intraday. The short-term charts indicate increased selling pressure above 1.2700. The current GBP/USD price is 1.2354.
GBP/USD Intraday Prediction
A bullish bias is predicted for GBP/USD above 1.2655 for the intraday period. The recommendation is to buy at an entry price of 1.2655, with target and take-profit levels set at 1.2715 and 1.2740 respectively.
GBPUSD Daily Chart
Rising Oil Prices on Back of Strong Global Demand
Oil prices climbed on Thursday as the International Energy Agency (IEA) joined OPEC in predicting strong global oil demand growth this year. Brent crude futures increased by 37 cents, or 0.5%, to $78.25 a barrel, while U.S. West Texas Intermediate crude futures rose by 55 cents, or 0.8%, to $73.11.
Crude Oil (WTI) Intraday Forecast
The upside prevails for Crude Oil (WTI) in the intraday period. The recommendation is to buy at an entry price of 72.30, with target and take-profit levels set at 73.55 and 74.10 respectively.
WTI Crude Oil Chart
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