EUR/USD: Below 1.1697 confirms a top with support at 1.1590 – Credit Suisse

FXStreet Team FXStreet

EUR/USD has closed below key support from its 55-day average at 1.1737 and importantly has also removed its August lows at 1.1710/1.1697 and this finally sees a top established to mark a more significant move lower and a fall to 1.1495/85, analysts at Credit Suisse brief.

Key quotes

“EUR/USD has maintained the weak tone seen on Monday and has not only closed below key support from its 55-day but has also importantly removed support from the August lows at 1.1710/1.1697. This finally sees a top established to mark a more significant move lower with support seen initially at 1.1637/27, then the 50% retracement of the rally from June at 1.1590.”

“More important support and our objective remains seen at 1.1495/85 – the 38.2% retracement of the entire rally from March, 61.8% retracement of the rally from June and point -of - breakout from the medium-term base. We would then look for a fresh floor here for an attempt to resume the broader uptrend.”

“Resistance moves to 1.1717/19 initially, then the 55-day average at 1.1737, with the immediate risk seen staying lower whilst below 1.1776/98. A break would throw a question mark over the top, with resistance next at 1.1827.”

Author

FXStreet Team

FXStreet

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.