EUR/USD Price Analysis: Upside still capped by 1.2000

EUR/USD resumes the upside and approaches (again) 1.2000.
Further north of 1.20 comes in the 100-day SMA around 1.2050.

Pablo Piovano FXStreet

EUR/USD reverses Thursday’s pullback and once again sets sails to the key barrier at 1.20 the figure.

The recovery from YTD lows near 1.1700 (March 31) remains well and sound so far, helped at the same time by the recent break above the 200-day SMA (1.1902).

A break above the 1.2000 hurdle should open the door to extra gains in the very near-term, with the immediate target at the 100-day SMA at 1.2050 ahead of a Fibo level at 1.2064.

Above the 200-day SMA (1.1902) the stance for EUR/USD is forecast to shift to positive.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1981
Today Daily Change	38
Today Daily Change %	0.12
Today daily open	1.1967

Trends
Daily SMA20	1.1849
Daily SMA50	1.1964
Daily SMA100	1.2058
Daily SMA200	1.191

Levels
Previous Daily High	1.1993
Previous Daily Low	1.1956
Previous Weekly High	1.1927
Previous Weekly Low	1.1738
Previous Monthly High	1.2113
Previous Monthly Low	1.1704
Daily Fibonacci 38.2%	1.197
Daily Fibonacci 61.8%	1.1979
Daily Pivot Point S1	1.1951
Daily Pivot Point S2	1.1935
Daily Pivot Point S3	1.1914
Daily Pivot Point R1	1.1988
Daily Pivot Point R2	1.2009
Daily Pivot Point R3	1.2025

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 trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

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.

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.