EUR/USD scope for a test of 1.0800 – UOB

Pablo Piovano FXStreet

FX Strategist at UOB Group sees EUR/USD could attempt a test to the 1.0800 area in the next weeks.

Key Quotes

“The ease of which last week’s 1.0684 peak was taken out was unexpected as EUR surged to a high of 1.0718. While approaching overbought, the advance appears to have scope to extend further towards 1.0750”.

“As noted in recent updates, we expect EUR to remain supported in the short-term as long as 1.0500 is intact. Upward momentum has improved further with the move above last week’s peak of 1.0684 and from here, the current EUR strength could extend further towards 1.0800. The ‘key’ short-term support is at 1.0590 (from 1.0500) with 1.0640 acting as a minor support”.

Sell 42%

Buy 58%

Avg Sell Price 1.0535

Avg Buy Price 1.0603

Liquidity Distribution

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 challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

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.