EUR/USD fades the spike to 1.1224, back to 1.1200

Euro jumps against the US dollar after on the potential delay from the US to European cars.
Improvement in risk appetite also helping EUR/USD move higher.

Matías Salord FXStreet

The EUR/USD pair rose from levels near daily lows to 1.1224, hitting a fresh daily high. Then pulled back, being unable to hold on top of the key short-term level at 1.1220 and as of writing is hovering around 1.1200, marginally lower for the day but off daily lows.

Earlier today, following the release of mixed US economic data, the pair bottomed at 1.1176, the lowest level since last Thursday. Retail sales in April dropped unexpectedly while industrial production contracted. The data had a limited impact.

The move to the upside in EUR/USD took place after Bloomberg reported that US President Trump was planning to delay tariffs on European car imports for six months. The report also pushed equity prices to the upside. In Wall Street, main stock indexes are in positive territory after opening with losses.

Despite the recovery, EUR/USD remains with a bearish bias, as it was unable to hold on top 1.1220. On the flip side, the area around 1.1165 and 1.1175 is a critical support: a break lower could lead to further losses, exposing the next support at 1.1135/40.

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 recovers above 1.1600 as focus shifts to US NFP

EUR/USD recovers ground above 1.1600 in Friday's European trading. The pair's uptick is sponsored by a profit-taking pullback in the US Dollar, as traders reposition ahead of the critical US Nonfarm Payrolls data. Meanwhile, the Middle East conflict and higher oil prices could keep the recovery in check.

GBP/USD rebounds toward 1.3400 in countdown to US NFP

GBP/USD is rebounding toward 1.3400 in the European session on Friday. A modest improvement in risk sentiment and a broad-based US Dollar retreat help the pair recover its weekly losses. The focus now remains on the US NFP data and Middle East headlines for fresh trading incentives.

Gold advances on increased safe-haven demand

Gold price recovers its recent losses from the previous session. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts.

Bitcoin, Ethereum and Ripple at risk as US-Iran war extends

Bitcoin, Ethereum, and Ripple trade cautiously at press time on Friday, close to key support levels after a roughly 2% pullback the previous day. Bitcoin holds above $71,000, Ethereum at $2,000, and XRP continues to consolidate in a sideways range.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.