EUR/USD meets fresh supply at 1.1260

Dhwani Mehta FXStreet

EUR/USD finally broke its consolidation phase to the upside in the European session, although failed to hold at higher levels and drifted to the familiar range back below 1.1250 levels.

EUR/USD eyes 5-DMA at 1.1235

Currently, EUR/USD trades -0.06% lower at 1.1246, deflating from session highs scored at 1.1259. The main currency reverses an upward spike and now gravitates near the mid-point of 1.12 handle, although the downside remains capped amid deteriorating risk sentiment as the European stocks pare gains and oil prices extend the downside.

Moreover, markets move past the US election debate-driven renewed optimism, resulting into muted trading activity seen around the greenback against its major peers, which also keeps the sentiment around EUR/USD somewhat underpinned.

All eyes now remain on the US macro news lined up for release later in the NA session for further impetus on the major. While speeches from Fed officials will also grab a lot of attention ahead of Yellen’s testimony due tomorrow.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1259 (Daily high). A break beyond the last, doors will open for a test of 1.1286 (Sept 15 high) and from there to 1.1300 (round figure). On the flip side, the immediate support is placed at 1.1219 (Sept 26 low) below which 1.1145 (static support) and 1.1119 (Sept 21 low) could be tested.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.