EUR/USD continues to pursue the 1.2000 level

EURUSD has continued its recovery by recording a steady rise since last week. After successfully passing the nearest resistance at 1.1920, EURUSD continued to rise and is now trading around 1.1960. The weakness of the USD clearly helped the rise of this currency pair, and the US inflation data (US CPI) published last night clearly had a positive impact on the market. CPI data excluding food and energy was recorded at a high of 1.6% compared to expectations of 1.5% (previous data of 1.3%).

EURUSD finally made the move after it was restrained in horizontal movement for 3 days last week; the barrier level of 1.1920 was successfully broken, thus giving upward momentum to EURUSD. Currently, EURUSD is below the resistance of the 50 day Moving Average 1.1962, while the R1 weekly pivot level is slightly above 1.1973. The next resistance level is at the March 17 high of 1.1990. Sellers in the market are clearly in a state of shock, and they need to push the EURUSD price below 1.1900 if they want to continue dominating the market, with the 200 Day Moving Average level being an important support. A break of this support and 1.1900 would activate the weekly pivot point at 1.1855 as an important support.

Economic data for the Eurozone and the US is relatively light today (Wednesday); the Eurozone is due to publish its Industrial Production data and ECB President Lagarde with a speech later. Also FED Chairman Jerome Powell will give a speech at an official event.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.