EUR/USD Price Analysis: A drop to 1.0516 looms closer

EUR/USD keeps its range intact around 1.1700 in European trading hours on Wednesday. The pair awaits key Eurozone inflation and US jobs numbers for a fresh directional impetus. In the meantime, a broadly subdued US Dollar keeps the major supported. 

GBP/USD gains some ground above 1.3500 on Wednesday after registering modest gains in the previous session. The pair edges higher as the US Dollar struggles ahead of the US ADP Employment Change, JOLTS Job Openings and ISM Services Purchasing Managers’ Index due later in the day.

Gold struggles to capitalize on its strong weekly gains registered over the past two days and faces rejection near the $4,500 psychological mark, or over a one-week high touched during the Asian session on Wednesday. As investors digest the recent US attack on Venezuela, the prevalent risk-on environment prompts some profit-taking around the commodity. 

Bitcoin, Ethereum, and Ripple prices are taking a breather on Wednesday near their key resistance levels following the recent surge. BTC faces rejection at the $94,253 level, while ETH and XRP follow BTC’s footsteps, struggling near $3,308 and $2.35, respectively.

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro. 

Aave (AAVE) price hovers around $172 on Wednesday, nearing the upper trendline of the falling parallel channel pattern. A break above this technical pattern favors the bulls.