Breaking: EUR/USD breaks below 1.18 on dollar strength, levels

Yohay Elam FXStreet

EUR/USD has tumbled below 1.18, hitting the lowest levels since early April – a three-month low. The main driver is dollar strength, which comes ahead of the Federal Reserve's release of its meeting minutes from its hawkish June decision.

The next support level is 1.1785, which was a resistance line at the end of March. It is followed by 1.1745, a cushion from early April, and then 1.17, a critical level that held euro/dollar from falling back in March.

The Relative Strength Index on the four-chart is still holding above 30 at the time of writing, indicating that there is more room for falls.

It is essential to note that dollar strength comes despite a sharp drop in US yields. Returns on 10-year Treasuries has fallen to 1.30%, the lowest since February. Moreover, US JOLTs job opening missed estimates with 9.209 million in May, below 9.3 million expected. The softness in the labor market implied by the figure seems to have no impact on the dollar.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD struggles to hold above 1.1800 ahead of US data

EUR/USD finds it difficult to gather recovery momentum and retreats below 1.1800 in the second half of the day on Thursday. The US Dollar (USD) stays resilient against its peers after the hawkish surprise in FOMC Minutes, weighing on the pair ahead of the next batch of US data.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold retreats from daily highs, trades below $5,000

Gold finds it difficult to stabilize above the $5,000 psychological mark on Thursday and trades slightly below this level in the early American session. Escalating geopolitical tensions in the Middle East help XAU/USD hold its ground, while the broad-based USD strength caps the pair's upside.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.