EUR/USD could slip back to 1.1670 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted EUR/USD risks a deeper pullback on a breach of 1.1700 in the near term.

Key Quotes

24-hour view: “We did not anticipate the sharp drop yesterday that sent EUR to a low of 1.1708. While quickly approaching oversold, the weakness in EUR could break the very solid support at 1.1700. The next support is at 1.1670. All in, EUR is expected to trade under pressure unless it can move above 1.1750 (minor resistance is at 1.1730).”

Next 1-3 weeks: “Our view from two days ago (16 Aug, spot at 1.1795) where EUR could edge higher to 1.1845 was proven wrong quickly as it plummeted yesterday and took out our ‘strong support’ level at 1.1735 (low of 1.1708). The sharp and rapid improvement in downward momentum has shifted the risk to the downside. A break of the solid support at 1.1700 would open up the way for EUR to move lower to 1.1670 (next support is at 1.1640). The downside risk is deemed intact as long as EUR stays below the ‘strong resistance’ level (currently at 1.1775).”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

British Pound eases to 1.3450 area following downwardly revised Manufacturing PMI data

The British Pound is trimming previous gains against the US Dollar on Monday, returning to the mid-range of the 1.3400s down from fresh seven-week highs, above 1.3500 earlier on the day. Weaker-than-expected UK manufacturing data added pressure on the Pound, which rallied at the Asian session opening, amid news of a halt to the hostilities in Iran.

EUR/USD consolidates previous week's gains above 1.1500

EUR/USD struggles to build on the previous week's impressive gains but manages to hold comfortably above 1.1500 on Monday. The USD loses traction and helps the pair hold its ground following US President Trump's call off an attack on Iran and that talks between the two sides would happen on Monday. Traders will closely monitor the developments surrounding US-Iran negotiations and US ISM PMI data.

Gold extends range play below $4,100 as focus remains on Middle East

Gold struggles to capitalize on its weekly bullish gap and remains below the $4,100 mark in the second half of the day. The US Dollar stages a modest recovery from its lowest level since June 17, which is seen capping the upside for the commodity. The upside for the USD, however, seems limited amid renewed hopes for a US-Iran peace deal and receding US Fed rate-hike expectations.

Week ahead: US payrolls report and AI earnings to keep investors on edge

After the Fed decision, NFP report awaited for more rate hike clues. Employment also on the agenda in Canada and New Zealand. Chinese trade and Japanese wage data to be watched too. But Iran and AI headlines to remain in driver’s seat for risk sentiment.

Solana risks a steeper decline below $70 despite steady ETF inflows

Solana (SOL) is trading in the red, losing bullish momentum and remaining capped below its 50-day Exponential Moving Average at $75.68. SOL-focused Exchange Traded Funds show resilience with a monthly inflow of $14.62 million in July, while the near-term retail support wanes with the funding rate turning negative.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.