EUR/JPY Price Analysis: Trapped between critical daily support and resistance, breakout eyed

EUR/USD loses its traction and declines toward 1.1700 after climbing to the 1.1750 area in the early European session. The mixed market mood helps the US Dollar (USD) hold its ground and makes it difficult for the pair to gather recovery momentum. Encouraging German inflation data did little to help the Euro.

GBP/USD struggles to build on Monday's gains and trades in the red below 1.3550 after setting a new three-month-high near 1.3570. Ahead of this week's key employment data releases from the US, investors refrain from betting on a persistent US Dollar (USD) weakness and limit the pair's upside.

Gold eases from the weekly high it set at $4,475 but clings to modest gains above $4,450 in the second half of the day on Tuesday. While a rebound in the US Dollar caps the yellow metal's upside, heightened political tensions allow XAU/USD to keep its footing.

Render continues its rally, trading above $2.36 on Tuesday after surging more than 50% last week. This price rally pushed RENDER’s market capitalization above $1.2 billion, surpassing that of other popular altcoins, such as Cosmos and Filecoin.

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro. 

Solana (SOL) price extends gains above $137 at the time of writing on Tuesday, up more than 7% in the previous week. Institutional demand for SOL continues to strengthen, as spot exchange-traded funds recorded positive flows of more than $16 million on Monday.