The EUR/USD pair has shown signs of a recovery wave from the 1.0600 zone after testing the 1.0598 low. The bulls have managed to push the pair above the 1.0650 and 1.0680 resistance levels. However, the bears are currently active near the 1.0740 level, where the pair is consolidating near the 100 simple moving average on the 4-hour chart.
Immediate resistance for EUR/USD is near the 1.0740 level, followed by the 1.0775 zone and the 200 simple moving average. A clear move above the 1.0775 resistance could signal further upside potential, with a target towards 1.0850. On the downside, immediate support is at 1.0680, with a key bullish trend line forming at the same level. Further major support lies at 1.0620, with a possible downside target of 1.0600 and 1.0580 if the pair continues to decline.
Meanwhile, the GBP/USD pair is eyeing an upside break above the 1.2550 resistance zone. The pair has shown strength in recent sessions, and a break above 1.2550 could lead to further gains. Traders will be watching for key levels for potential entry points and targets in the coming sessions.
In the precious metal market, gold prices are consolidating near the $2,320 zone. The bears are currently active near the $2,350 resistance zone, indicating a potential struggle for the bulls to make a significant upside move. Traders will be monitoring price action closely for any signs of a break above or below the current consolidation range.
On the economic front, the Euro Zone Economic Sentiment Indicator for April 2024 is forecasted at 98.1, compared to the previous figure of 96.3. Additionally, the German Consumer Price Index for April 2024 is expected to show a year-on-year increase of +2.2%. These data points will have an impact on market sentiment and the future direction of the EUR/USD pair and other related assets.
The financial markets are currently experiencing various trends and developments, with traders closely watching key levels and economic data releases for potential trading opportunities. It is essential to stay informed and adapt to changing market conditions to make informed investment decisions.