EUR/USD Price Analysis: Rising bets for a drop to 1.1700

EUR/USD accelerates the breakdown of 1.1800 on Thursday.
Next on the downside comes the 1.1700 zone.

Pablo Piovano FXStreet

EUR/USD re-visits the area of weekly lows around 1.1770 amidst the renewed selling bias in the single currency.

The continuation of the downtrend faces the next support in the 1.1700 region, where sits the March lows. From here, there are no significant support levels until the 2021 lows near 1.1660 recorded on August 20.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1990.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1767
Today Daily Change	54
Today Daily Change %	-0.43
Today daily open	1.1818

Trends
Daily SMA20	1.18
Daily SMA50	1.1801
Daily SMA100	1.1933
Daily SMA200	1.1995

Levels
Previous Daily High	1.1832
Previous Daily Low	1.1799
Previous Weekly High	1.1886
Previous Weekly Low	1.1802
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1819
Daily Fibonacci 61.8%	1.1812
Daily Pivot Point S1	1.1801
Daily Pivot Point S2	1.1784
Daily Pivot Point S3	1.1768
Daily Pivot Point R1	1.1833
Daily Pivot Point R2	1.1849
Daily Pivot Point R3	1.1866

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 remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.