EUR/USD: Scope for a substantial drop to 1.10 on a break below 1.1248 – Commerzbank

The EUR/USD pair gains ground to near 1.1645 during the early European session on Tuesday. The prospect of a US interest rate cut on Wednesday weighs on the US Dollar against the Euro. Traders will keep an eye on the US ADP Employment Change four-week average and Jolts Job Openings reports for September and October later on Tuesday. 

The GBP/USD pair attracts some buyers following the previous day's two-way directionless price move and holds steady above the 1.3300 mark during the Asian session on Tuesday. Spot prices, however, lack strong follow-through buying as traders opt to wait on the sidelines ahead of this week's key central bank event risk.

Gold remains on the back foot for the third straight day, though it lacks bearish conviction and remains confined in a one-week-old range through the Asian session on Tuesday. Traders now seem reluctant and opt to move to the sidelines ahead of the FOMC rate decision on Wednesday. 

Chainlink began the week on a stable footing, trading around $13.70 at the time of writing on Tuesday, holding above a key support zone. Growing ecosystem activity from declining exchange reserves to a wave of new integrations continues to strengthen the network’s fundamental outlook, signalling a rally in the upcoming days.

This week we get a lot of data releases but the biggie is all those central bank decisions. Canada, Australia and Switzerland are expected to stay on hold, but the Fed is expected to cut.

Chainlink (LINK) began the week on a stable footing, trading around $13.70 at the time of writing on Tuesday, holding above a key support zone. Growing ecosystem activity from declining exchange reserves to a wave of new integrations continues to strengthen the network’s fundamental outlook.