EUR/USD refreshes daily tops near 1.1720, German CPI – Up next

Dhwani Mehta FXStreet

EUR/USD caught a fresh bid tone last minutes, with the bulls taking the rate back above Aug 2015 tops in a bid to print fresh daily top at 1.1717.

EUR/USD awaits fresh impetus from the US growth numbers.

The main currency pair keeps its range above 1.17 handle, as the US dollar remains under pressure against its main peers. The greenback came under renewed selling pressure after the rejection of the latest amendment to Obamacare repeal bill by the Senate added to the lingering concerns over the US President Trump’s ability to deliver on the fiscal reforms.

Also, the major derives support from upbeat Eurozone economic confidence data and negative European equities, which help keep the demand for the Euro broadly underpinned. European Monetary Union Economic Sentiment Indicator registered at 111.2 above expectations (110.8) in July

Looking ahead, the EUR/USD pair awaits the release of the German CPI data for fresh impetus on the Euro, while the main risk event for today remains the US Q2 GDP data, which will add to the signs of strengthening US economic recovery and hence, back the case for a Dec Fed rate hike.

EUR/USD Technical Set-up

According to Valeria Bednarik, Chief Analyst at FXStreet noted: “The current 1.1710 region has prove strong in the past, which means that an upward acceleration from current levels should lead to a retest of the yearly high of 1.1776, en route to 1.1800. A weekly close beyond this last, will lift next week's bullish target to 1.2000. Supports today come at 1.1650, and 1.1620 with breaks below this last being quite unlikely.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.