EUR/USD drops to fresh lows near 1.1560 ahead of PMIs

The pair tumbles to lows in the 1.1560 region.
The greenback rebounds to the 95.50/55 band.
Final Services PMIs in Euroland next of relevance.

Pablo Piovano FXStreet

After bottoming out in the 1.1530 region on Tuesday, EUR/USD managed to regains some buying interest to levels above 1.1600 the figure, although sellers are now in command early in the European session.

EUR/USD looks to data, trade talks

The pair recovered some ground earlier today, although EUR-bulls seem to be facing a strong resistance around 1.1600 and above for the time being.

Renewed concerns on the US-China trade front have lent extra legs to the buck during the first half of the week and forced the pair to recede further after hitting peaks above 1.1700 the figure during last week.

In the same direction, the persistent outflows from the EM FX space into the greenback should keep occasional rallies in spot somewhat limited.

Data wise today, final Services PMIs are due in Euroland, while trade July’s trade balance figures will be the sole publication across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.16% at 1.1563 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the flip side, the next hurdle aligns at 1.1631 (10-day SMA) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31).

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.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.