EUR/USD drops below 1.1350 to fresh 1-year lows

EUR/USD resumed slide amid a stronger US Dollar across the board.
Euro reached fresh daily lows also versus GBP and CHF while DXY hit new 13-month highs.

Matías Salord FXStreet

The EUR/USD pair broke below the 1.1360 area and dropped to 1.1341 hitting a fresh 1-year low. As of writing the euro was trading at the lows with the negative tone intact, down 60 pips.

A stronger US dollar triggered another leg lower in EUR/USD. The US Dollar Index rose from 96.20 to 96.60, reaching the highest level since June 2017. At the same time, the euro hit fresh lows versus the Swiss franc and the pound.

The greenback resumed its uptrend in the market without any particular catalyst. US bond yields were modestly higher, far from daily highs and equity prices in Wall Street were consolidating gains, holding in a range.

Levels to watch

FXStreet analyst, Yohay Elam, points that support is at 1.1365 which is the meeting point of the recent 2018 low, the Pivot Point one-month Support 3, and the PP one-day Support 1 and further down, there are very few support lines with one noteworthy point at 1.1326 which is the Fibonacci 161.8% one-day.

According to him, to the upside, 1.1444 is a relevant convergence of potent lines. Before that level, resistance could be seen at 1.1365 (Aug 13 low) and 1.14000 (20-hour moving average).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

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.

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.