Breaking: EUR/USD breaks above 1.1100, first time since end-March

EUR/USD catches fresh bids, takes-out 1.1100
EU Recovery Fund optimism and economic re-opening boost the EUR.
Focus on Eurozone CPI, US data and Trump’s response.

FXStreet Team FXStreet

Following a brief consolidative stint in early Asia, EUR/USD is breaking higher heading into European trading this Friday.

The spot conquers the 1.11 handle for the first time since March 30 despite the risk-off market environment, in light of the escalating US-China tensions.

The optimism around the European Union's (EU) bigger-than-expected fiscal stimulus proposal of 750 billion euros continues to underpin the sentiment around the shared currency.

Further, expectations of the European Central Bank (ECB) expanding its bond-buying next week, in an effort to boost the economic recovery, also add to the strength in the spot.

Additionally, the major benefits from the month-end liquidation in the US dollar positions and nervousness ahead of US President Donald Trump’s response to the Hong Kong security issues.

With the move higher, “EUR/USD appears on track to end May on a positive note. This will be the first monthly gain since December when the exchange rate had appreciated by 1.88%,” as explained by FXStreet’s Analyst, Omkar Godbole.

Looking ahead, the immediate focus remains on the Eurozone Preliminary CPI data and US Core PCE Price Index for fresh trading impetus.

EUR/USD 15-minutes chart

EUR/USD levels to watch

EUR/USD

Overview
Today last price	1.1101
Today Daily Change	0.0023
Today Daily Change %	0.21
Today daily open	1.1077

Trends
Daily SMA20	1.0897
Daily SMA50	1.0889
Daily SMA100	1.0959
Daily SMA200	1.1013

Levels
Previous Daily High	1.1094
Previous Daily Low	1.0992
Previous Weekly High	1.1009
Previous Weekly Low	1.08
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.1055
Daily Fibonacci 61.8%	1.1031
Daily Pivot Point S1	1.1015
Daily Pivot Point S2	1.0953
Daily Pivot Point S3	1.0913
Daily Pivot Point R1	1.1117
Daily Pivot Point R2	1.1156
Daily Pivot Point R3	1.1218

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD weakens below 1.3450 as US-Iran uncertainty boosts safe-haven US Dollar

The GBP/USD pair loses ground to near 1.3425 during the early Asian session on Tuesday. Uncertainty surrounding US-Iran talks drives traders toward a safe-haven currency such as the US Dollar against the British Pound. All eyes will be on the US July jobs data, which is due later on Friday.

EUR/USD flatlines above 1.1500 as traders turn cautious ahead of US NFP data

The EUR/USD pair holds steady around 1.1505 during the early European trading hours. Markets remain cautious ahead of the crucial US July jobs report, which is due later this week. Eurozone inflation ticked up in July, bolstering the case for a rate hike from the European Central Bank. The headline Eurozone inflation rose to 2.9% YoY in July from 2.8% in June, in line with expectations.

Gold consolidates above $4,050 amid Fed hike bets and Iran uncertainty

Gold seesaws between tepid gains and minor losses during the Asian session as traders seem hesitant and opt to wait for further developments surrounding the Middle East crisis. The US Dollar struggles to build on the previous day's solid bounce from the lowest level since Mid-June and acts as a tailwind for the bullion. However, the uncertainty over US-Iran peace talks helps limit the downside for the buck.

Ripple and Stellar steady as derivatives data points to easing downside pressure

Ripple and Stellar show mixed price action, with XRP holding above the key $1 support zone while XLM faces rejection at $0.173. Meanwhile, improving derivatives metrics alongside fading bearish momentum suggest that the downside pressure may be easing for both altcoins. Derivatives data shows mild bullish sentiment among traders.

NFP week: What awaits Bitcoin and Gold

This is an NFP week as markets brace for the release of a large influx of job market statistics. The data rollout begins with the JOLTS Job Openings report on Tuesday, continues with the ADP Employment report on Wednesday and Jobless claims on Thursday, and finishes with the Nonfarm Payrolls report on Friday.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.