EUR/USD Price Analysis: Scope for a visit to 1.1600

EUR/USD gives away further ground and drops to 1.1655.
Next on the downside emerges 1.1612 ahead of 1.1602.

Pablo Piovano FXStreet

EUR/USD accelerates losses and drops to new YTD lows in the mid-1.1600s on Wednesday.

Extra losses appear likely in the very short-term horizon, with the immediate target now at the september 2020 low at 1.1612 ahead of the November 2020 low in the 1.1600 neighbourhood.

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 1.1969.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.166
Today Daily Change	35
Today Daily Change %	-0.20
Today daily open	1.1683

Trends
Daily SMA20	1.1783
Daily SMA50	1.1782
Daily SMA100	1.1901
Daily SMA200	1.1974

Levels
Previous Daily High	1.1703
Previous Daily Low	1.1668
Previous Weekly High	1.1756
Previous Weekly Low	1.1684
Previous Monthly High	1.19
Previous Monthly Low	1.1664
Daily Fibonacci 38.2%	1.1682
Daily Fibonacci 61.8%	1.169
Daily Pivot Point S1	1.1667
Daily Pivot Point S2	1.165
Daily Pivot Point S3	1.1632
Daily Pivot Point R1	1.1702
Daily Pivot Point R2	1.172
Daily Pivot Point R3	1.1737

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 remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

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.