EUR/USD maintains bearish bias around 1.0750 area ahead of US data

Haresh Menghani FXStreet

The EUR/USD pair maintained its bearish trading bias on Tuesday and is currently trading closer to the lower end of daily trading range, around 1.0740-45 region.

Today's mixed Euro-zone PMI readings failed to impress bulls and assist the pair to build on to its recent leg of up-move from 50-day SMA support. Moreover, a broad based greenback recovery, led by a sharp rebound in the US treasury bond yields, also collaborated to the pair's corrective move from the highest level since early December.

In fact, the key US Dollar Index has managed to stage a goodish recovery from 7-week lows, despite of Trump’s Treasury Secretary pick Steven Mnuchin warning on strong dollar. The greenback, however, struggled to extend recovery move amid growing concerns over the US President Donald Trump's protectionist stance and uncertainty surrounding his fiscal stimulus policies.

Next on tap would be the release of flash manufacturing PMI and existing home sales data from the US, which would be looked upon for some short-term trading opportunities.

Technical levels to watch

Immediate support is pegged near 1.0715-10 region below which the pair is likely to immediately slide to 1.0680-75 horizontal support, en-route 1.0625 intermediate level and 50-day SMA strong support near 1.0590-85 region.

On the upside, sustained move above 1.0765 level should assist the pair to build on to its recovery momentum and lift it beyond 1.0800 handle, towards testing its next major hurdle near 1.0820 level ahead of 100-day SMA strong resistance near 1.0840-45 region.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0635

36% Bullish
57% Bearish
7% Sideways

Bias Bearish

1 Month

Avg Forecast 1.0545

21% Bullish
71% Bearish
7% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0400

18% Bullish
65% Bearish
18% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.