Amidst these developments, the EUR/USD pair rose amid speculations of earlier Fed rate cuts and lower inflation in the Eurozone. Facing resistance at 1.093, it could either advance to 1.1 or decline to $1.083. USD/JPY retreated from pressure at 151, experiencing a sharp decline due to weak US data, though it remains within a rising channel. Gold prices displayed resilience around $1,930 and aim for $1,980; surpassing this level is crucial for further upward movement. While market anticipation of limited data supporting dollar demand persists, the OPEC’s decision to cut oil supply amid declining oil prices may prompt short-term dollar purchases. Overall, the market outlook indicates a bearish trend for the US dollar, with pivotal resistance and support levels ahead for major currency pairs, and potential implications from the upcoming Fed meeting minutes.
On a technical note, both RSI and MACD are showing sell signals, further confirming the bearish sentiment for the instrument. If this trend continues, the price might reach levels of 101.68. As a pivot point might be considered 103.775, from where the price might reach resistance levels of 103.89
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