Analyzes

EUR/USD trades with a bullish bias ahead of the ECB decision and US CPI data, supported by a technical breakout setup targeting 1.1830.

The EUR/USD pair pierced the 1.1700 mark on Wednesday, as the US Dollar (USD) maintained its positive tone throughout the first half of the day, although with a cautious stance as investors awaited United States (US) inflation data.

GBP/USD fluctuates above 1.3500 in the European session on Wednesday after posting small losses on Tuesday. The pair could attract technical buyers if it manages to clear the 1.3590-1.3600 resistance area.

The USD/CAD pair scales higher for the second straight day – also marking the seventh day of a positive move in the previous eight – and climbs to an over two-week high on Wednesday.

EUR/USD struggles to regain its traction in the European session on Wednesday and trades in a tight range near 1.1700 after closing in negative territory on Tuesday. August producer inflation data from the US could trigger the next directional action in the pair.

Gold is finding fresh haven demand early Wednesday as geopolitical tensions hog the limelight, while the US Dollar (USD) recovery fizzles out ahead of US Producer Price Index (PPI) inflation data release.