The EUR/USD pair is showing renewed bearish momentum after failing to hold above 1.1600, pressured by a stronger U.S. dollar and cautious Fed outlook.

Gold (XAU/USD) is facing downward pressure following a post-Fed rebound in the US Dollar. With resistance holding below $4,000, technical indicators point to further downside.

Spot Gold managed to recover some ground on Thursday, trading around the $4,000 mark at the time of writing. The advance was limited, however, by broad demand for the US Dollar (USD).

The Australian Dollar (AUD) remained on the back foot for the second straight day on Thursday, with AUD/USD retreating to as low as the 0.6530 region, where some initial contention appears to have resurfaced.

The EUR/USD pair fell towards 1.1577 on Wednesday, as the US Dollar (USD) surged on the back of the Federal Reserve (Fed) monetary policy announcement.

Ian Coleman reveals a EUR/USD Cypher pattern with 1:10 risk/reward before Thursday’s ECB decision. Lagarde’s inflation focus could drive the Euro higher while technical support at 1.1563 offers tight stop loss at 1.1542. Entry, target, and breakout levels inside.