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EUR/USD Near 1.0750 on EU Woes; French Stocks, Banks Drag; Gold Dips on Strong Dollar

By Research Team Monday, Jun 10, 2024
EUR/USD

    • 11.30amD1
    • High1.0787
    • Low1.0748
    • Close1.0753

EUR/USD is trading at 1.0756, 0.42% down since previous day close. EUR/USD holds losses below 1.0800 in the European session on Monday. Mounting EU political uncertainty, following French snap elections, weighs on the Euro Meanwhile, the upbeat US NFP data tempered Fed rate cut bets, adding extra legs to the US Dollar upsurge. EU Sentix data eyed. Fed rate cut speculation pressure on other currencies on Friday EUR/USD fall nearly 1.0%, on Monday session gap down open seem to touch near support 1.0670.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0942
R2 1.0895
R1 1.0802
Turnaround 1.0750
S1 1.0722
S2 1.0670
S3 1.0629
By Research Team Monday, Jun 10, 2024
GER30

    • 11.35amD1
    • High18529.00
    • Low18359.00
    • Close18380.00

GER30 is trading at 18460, 1.82% down since previous day’s close. European stocks dropped on Monday after French President Emmanuel Macron called a snap election following a heavy loss in the European Union vote to the far-right, rattling investors already worried about the interest rate outlook Leading the losses are , Airbus (-1.41%), Puma (-1.35%), and Volkswagen (-1.29%). Top gainers were, Rheinmetall (1.15%), Deutsche Bank (0.48%), and Daimler Truck Holding AG (0.36%). French Political crises lead to losses. European bank short term traders expect to sell side positions in the upcoming session.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19000.00
R2 18965.00
R1 18680.00
Turnaround 18550.00
S1 18460.00
S2 18258.00
S3 18000.00
By Research Team Monday, Jun 10, 2024
GOLD

    • 11.40amD1
    • High2301.00
    • Low2287.00
    • Close2297.00

XAU/USD is trading at 2296, 0.10%, up since previous day close. Gold price (XAU/USD) enters a bearish consolidation phase and oscillates in a range near its lowest level in over a month, below the $2,300 mark during the early European session on Monday. Furthermore, reports that the People’s Bank of China (PBoC) paused gold purchases to its reserves in May, ending a massive buying spree that ran for 18 months, further seem to undermine the Gold price. That said, a cautious market mood lends some support to the safe-haven XAU/USD and helps limit deeper losses.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 2380.00
R2 2360.00
R1 2345.00
Turnaround 2312.00
S1 2291.00
S2 2268.00
S3 2260.00
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