The Euro and British Pound weakened against the US Dollar as market sentiment shifted with expectations of easing inflation in the Eurozone and a cautious approach from the ECB. Meanwhile, the Yen struggled with mixed signals from the BoJ, despite Japan’s inflationary pressures, as the US economy showed resilience with an upward revision in GDP. Gold’s performance remained bullish, driven by expectations of Fed rate cuts, which bolstered its appeal as a safe-haven asset amid global economic uncertainties. All eyes are on upcoming economic data that could further influence these trends.

EUR/USD:

• Support Levels: 1.1087, 1.1055, 1.1017, 1.0950, 1.0905, 1.0884
• Resistance Levels: 1.1138, 1.1170, 1.1275

Fundamental Overview:
The EUR/USD pair has been under pressure due to expectations of easing inflation in Germany and the broader eurozone, which could influence the European Central Bank (ECB) to consider a rate cut in its upcoming meeting. The pair is also weighed down by a stronger U.S. dollar, which has gained on the back of resilient U.S. economic data, particularly the upward revision of U.S. GDP.

Technical Outlook:
EUR/USD is testing key support at 1.1087. A break below this level could see the pair move towards 1.1055 and possibly lower. Resistance is seen at 1.1138 and 1.1170. The trend remains bearish in the short term, and a move below 1.1087 would confirm further downside towards the 1.1055 and 1.1017 levels.

Forecast:
In the short term, EUR/USD is likely to remain under pressure, with a potential test of lower support levels if the ECB signals a dovish stance. However, any positive surprises in upcoming eurozone inflation data could provide temporary relief, pushing the pair towards resistance at 1.1138.

GBP/USD:

• Support Levels: 1.3175, 1.3137, 1.3075, 1.2973, 1.2932, 1.2848, 1.2800
• Resistance Levels: 1.3256, 1.3306

Fundamental Overview:
GBP/USD has been supported by strong UK economic data and expectations that the Bank of England (BoE) will maintain a more cautious approach to rate cuts compared to the Federal Reserve. The pair has also benefited from the recent weakness in the U.S. dollar.

Technical Outlook:
GBP/USD is in a bullish trend, trading near 1.3200. The pair has strong support at 1.3175, with potential for a rise towards 1.3256 and 1.3306 if bullish momentum continues. A break below 1.3175 could trigger a correction towards 1.3137, but the overall trend remains positive as long as the pair stays above 1.3137.

Forecast:
GBP/USD is expected to continue its upward trajectory, targeting resistance levels at 1.3256 and 1.3306. However, the pair could see a pullback if U.S. economic data surpasses expectations, leading to a stronger dollar.

USD/JPY:

• Support Levels: 144.44, 143.84, 142.69, 140.22
• Resistance Levels: 145.19, 145.79, 146.62

Fundamental Overview:
The Japanese yen has been under pressure due to expectations that the Bank of Japan (BoJ) will continue its loose monetary policy, contrasting with the potential for rate cuts in the U.S. However, the yen has been supported recently by rising inflation in Japan, which could push the BoJ towards normalization.

Technical Outlook:
USD/JPY is testing resistance at 145.19, with the next level at 145.79. Support is seen at 144.44 and 143.84. The pair is currently in a bearish medium-term trend, but the recent upward momentum could challenge this view if resistance levels are breached.

Forecast:
USD/JPY is likely to test the resistance at 145.19 and possibly move higher if U.S. data continues to support the dollar. However, a failure to break above 145.19 could lead to a pullback towards 144.44 and 143.84.

Gold (XAU/USD):

• Support Levels: 2503, 2494, 2479, 2451, 2440, 2416
• Resistance Levels: 2522, 2532, 2572

Fundamental Overview:
Gold prices have been supported by expectations of dovish Fed policy, with markets pricing in significant rate cuts by the end of the year. This has reduced the opportunity cost of holding gold, a non-interest-bearing asset.

Technical Outlook:
Gold is trading in a bullish channel, with immediate resistance at 2522 and 2532. Support is seen at 2494 and 2479. A break above 2522 could see gold targeting 2532 and higher, while a move below 2494 would signal a correction towards 2479 and 2451.

Forecast:
Gold is expected to remain in a bullish trend, with potential to test resistance at 2522 and 2532. However, any signs of stronger U.S. economic data could trigger a short-term correction, pushing gold towards support levels at 2494 and 2479.