EUR/USD Price Analysis: A deeper correction could revisit 0.9631

EUR/USD fades the recent advance and breaks below 0.9800.
The October low near 0.9630 comes next on the downside.

Pablo Piovano FXStreet

EUR/USD reverses the uptick to the 0.9870/80 band and comes under pressure below the 0.9800 support on Wednesday.

The inability of the pair to surpass the area of weekly highs near 0.9880 in the very near term could lure extra selling pressure in and pave the way for a probable test of the October low at 0.9631 (October 13).

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0553.

EUR/USD daily chart

EUR/USD

Overview
Today last price	0.9778
Today Daily Change	113
Today Daily Change %	-0.78
Today daily open	0.9855

Trends
Daily SMA20	0.9772
Daily SMA50	0.9934
Daily SMA100	1.0144
Daily SMA200	1.0563

Levels
Previous Daily High	0.9876
Previous Daily Low	0.9813
Previous Weekly High	0.9809
Previous Weekly Low	0.9632
Previous Monthly High	1.0198
Previous Monthly Low	0.9536
Daily Fibonacci 38.2%	0.9852
Daily Fibonacci 61.8%	0.9837
Daily Pivot Point S1	0.982
Daily Pivot Point S2	0.9785
Daily Pivot Point S3	0.9757
Daily Pivot Point R1	0.9883
Daily Pivot Point R2	0.9911
Daily Pivot Point R3	0.9946

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 extends slide toward 1.1800 on renewed USD strength

EUR/USD extends its daily slide and trades at a fresh weekly low below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls below 1.3550, pressured by weak UK jobs report

GBP/USD remains under heavy bearish pressure and falls toward 1.3500 on Tuesday. The UK employment data highlighted worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

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.