EUR/USD continues to drift lower

EUR/USD has been soft all session and now trades 0.24% lower.
The next support could be the psychological 1.10 handle.

Rajan Dhall, MSTA FX Daily

The US dollar strength has been relentless today as gold and all of the FX majors have struggled against the greenback.

Just now there have been reports that Trump may not be willing to roll back tariffs on Chinese goods.

US President Trump says he has not yet agreed to roll back tariffs on China; notes that China would like him to do so and China want him to make a trade deal

Despite this news, the dollar is surging and the dollar index is at a level not seen since 16th October.

It seems that is there is good or bad trade news the dollar is rising. One side is protectionism the other is risk appetite.

EUR/USD is now 20 pips or so away from the psychological 1.10 level which could provide some relief.

EUR/USD Chart

Additional Levels

EUR/USD

Overview
Today last price	1.1026
Today Daily Change	-0.0020
Today Daily Change %	-0.18
Today daily open	1.1046

Trends
Daily SMA20	1.1102
Daily SMA50	1.104
Daily SMA100	1.1119
Daily SMA200	1.1191

Levels
Previous Daily High	1.1092
Previous Daily Low	1.1036
Previous Weekly High	1.1176
Previous Weekly Low	1.1074
Previous Monthly High	1.118
Previous Monthly Low	1.0879
Daily Fibonacci 38.2%	1.1057
Daily Fibonacci 61.8%	1.107
Daily Pivot Point S1	1.1024
Daily Pivot Point S2	1.1002
Daily Pivot Point S3	1.0968
Daily Pivot Point R1	1.108
Daily Pivot Point R2	1.1114
Daily Pivot Point R3	1.1136

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.