EUR/USD Price Analysis: Initial contention emerges near 1.1220

EUR/USD accelerates losses well south of 1.1300 on Tuesday.
The loss of further ground could revisit the December low near 1.1220.

Pablo Piovano FXStreet

Increasing selling pressure now forces EUR/USD to shed further ground and challenge the area of 2-week lows around 1.1270.

If losses accelerate, then the pair is expected to attempt a move to the December’s low in the 1.1220 zone, which is regarded as the latest defence for a test of the 2021 low at 1.1186 (November 24).

The broader negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1749.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1273
Today Daily Change	37
Today Daily Change %	-0.20
Today daily open	1.1296

Trends
Daily SMA20	1.1308
Daily SMA50	1.1375
Daily SMA100	1.154
Daily SMA200	1.1751

Levels
Previous Daily High	1.1379
Previous Daily Low	1.128
Previous Weekly High	1.1386
Previous Weekly Low	1.1274
Previous Monthly High	1.1386
Previous Monthly Low	1.1222
Daily Fibonacci 38.2%	1.1318
Daily Fibonacci 61.8%	1.1341
Daily Pivot Point S1	1.1258
Daily Pivot Point S2	1.1219
Daily Pivot Point S3	1.1158
Daily Pivot Point R1	1.1357
Daily Pivot Point R2	1.1418
Daily Pivot Point R3	1.1457

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 meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

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 bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

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.