Analyzes

EUR/USD remains range-bound within a triangle pattern ahead of key Fed and ECB rate decisions, with a breakout likely to follow this consolidation phase.

Gold is revering a part of the previous decline, challenging the $4,000 mark as safe-haven flows return heading into the two-day US Federal Reserve (Fed) monetary policy meeting.  

EUR/USD is having a hard time keeping Friday’s momentum going, as the pair briefly retested the 1.1650 area early in the week before running out of steam. Still, it’s managed to notch four straight days of modest gains as the US Dollar (USD) continues to drift lower.

Spot Gold pierced the $4,000 level on Monday, as a better market mood trashed demand for the safe-haven metal. It currently trades near a fresh 3-week low of $3,971.63.

The Australian Dollar (AUD) started the week on the front foot, recovering from Friday’s dip and pushing AUD/USD to a three-week high around 0.6560.

The EUR/USD price will remain in a narrow range pending the market and investor reaction to the US Federal Reserve announcement this week.