FxAnalysis

EUR/USD is stalling near 1.1620 as weakening bullish momentum and shifting Fed rate expectations open the door for a potential pullback toward 1.1478.

EUR/USD moves sideways slightly above 1.1600 in the European morning on Monday after posting marginal losses on Friday. The pair’s near-term technical outlook highlights a loss of bullish momentum.

The EUR/USD pair advanced for a second consecutive week, comfortably trading above the 1.1600 mark as Friday comes to an end. The US Dollar (USD) spent most of these last few days under pressure amid optimism about the United States (US) government reopening.

Gold (XAU/USD) gained traction and climbed to its highest level since October 21, above $4,200, after having spent the previous week in a tight consolidation channel.

The Pound Sterling (GBP) consolidated its recovery from seven-month lows against the US Dollar (USD), as GBP/USD lacked bullish conviction.

Gold is looking to build the recovery momentum above the $4,100 mark amid a cautious start to a new week, filled with key US economic releases, including the critical September Nonfarm Payrolls (NFP) due on Thursday.