EUR/USD hits fresh weekly highs above 1.1160

US-China phase one deal to be signed anytime now.
Greenback loses momentum across the board during the American session.

Matías Salord FXStreet

The EUR/USD pair climbed to 1.1162, hitting a fresh weekly high. It then pulled back, but it managed to remain above 1.1140. As of writing trades at 1.1155/58, near the top with a bullish tone.

The move higher took place amid a broad decline of the US dollar. However, the slide of the greenback was modest. Traders await new details about the US and China trade deal, with the signing ceremony of the “phase one” agreement starting in a few minutes.

The DXY is trading at weekly lows, near 97.20, and US yields moved off lows but remain in negative territory for the day. US data came in mixed on Wednesday. The PPI rose below expectations in December while the Empire manufacturing index surpassed analysts' estimates.

Technical outlook

The EUR/USD pair holds a bullish tone and the momentum is likely to remain high as long as it stays above 1.1145. The next strong resistance might be seen at 1.1175/80 followed by 1.1200. On the flip side, below 1.1145 the euro will likely lose strength. The upside bias is likely to hold while EUR/USD remains above 1.1085/95 (uptrend line from October lows).

EUR/USD

Overview
Today last price	1.1154
Today Daily Change	0.0026
Today Daily Change %	0.23
Today daily open	1.1128

Trends
Daily SMA20	1.114
Daily SMA50	1.1094
Daily SMA100	1.1067
Daily SMA200	1.1139

Levels
Previous Daily High	1.1146
Previous Daily Low	1.1104
Previous Weekly High	1.1208
Previous Weekly Low	1.1085
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.112
Daily Fibonacci 61.8%	1.113
Daily Pivot Point S1	1.1107
Daily Pivot Point S2	1.1085
Daily Pivot Point S3	1.1066
Daily Pivot Point R1	1.1148
Daily Pivot Point R2	1.1167
Daily Pivot Point R3	1.1189

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 trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

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 remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

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.