EUR/USD analysis: holding near yearly highs

Valeria Bednarik FXStreet

EUR/USD Current price: 1.1476

Majors started the week in slow motion, as a holiday in Japan, combined with a scarce macroeconomic calendar, sent investors to the sidelines ahead of first tied data to be released later this week, including among others, the ECB monetary policy decision. The American dollar closed mixed, although not far from its Friday's closing levels and looking vulnerable across the board. The EUR/USD pair fell to a daily low of 1.1434, but recovered towards its recent highs near 1.1490, ending the day a few pips below this last. In the data front, EU June inflation was confirmed at 1.3% yearly basis, down from 1.4% in May, remaining unchanged in the month. In the US, the Empire State manufacturing survey showed that business activity grew by less than expected in July, with the index down to 9.8 from 19.8 in July and the expected 15.0.

From a technical point of view, the pair retains its long-term positive tone, but remains unable to confirm a bullish breakout, still struggling around 1.1460, from where the pair retreated multiple times since January 2015. In the 4 hours chart, the pair met buying interest on an approach to a flat 20 SMA, while the RSI indicator aims higher, currently around 63, but the Momentum lost upward strength, holding anyway within positive territory. An upward acceleration through 1.1490 should see an upward extension towards 1.1615 May 2016 high, while beyond this last the next level to watch is 1.1713, August 2015 high.

Support levels: 1.1420 1.1380 1.1340

Resistance levels: 1.1490 1.1525 1.1560

View Live Chart for the EUR/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold declines to near $5,050, focus shifts to US jobs data

Gold price falls to near $5,045 during the early Asian session on Wednesday. Traders assess whether prices have found a floor following a historic sell-off. The delayed US employment report for January, which was pushed back due to the recently ended four-day government shutdown, will take center stage later on Wednesday.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.