EUR/USD slips below mid-1.1700s, focus remains on FOMC decision

Haresh Menghani FXStreet

• A goodish pickup in the USD demand prompts some fresh selling.
• Repositioning trade, ahead of the Fed, adds to the downward pressure.

The EUR/USD pair broke down of its Asian/early European session consolidative trading range and dropped to fresh session lows, below mid-1.1700s in the last hour.

A goodish pickup in the US Dollar demand was seen as one of the key factors exerting some fresh downward pressure over the past hour or so, with the pair erasing of the previous session's modest gains to the 1.1800 neighbourhood.

The USD uptick lacked any obvious trigger and also defied the ongoing retracement in the US Treasury bond yield. Hence, the pair's latest leg of downfall could be solely attributed to some repositioning trade ahead of today's key event risk.

Despite good two-way moves, the pair remained confined within a broader trading range held since the beginning of this week and seemed to wait for a fresh catalyst.

Hence, the latest FOMC policy decision, scheduled to be announced later during the US trading session, will play a key role in determining the pair's next leg of directional move.

Technical levels to watch

The 1.1725 region might continue to act as an immediate support, which if broken might turn the pair vulnerable to slide further below the 1.1700 handle towards testing 100-day SMA support near the 1.1660 region.

On the flip side, the 1.1780 level now seems to act as an immediate hurdle and is followed by the 1.1800 handle, above which the pair seems all set to aim towards testing mid-1.1800s intermediate resistance en-route the 1.1900 handle.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

AUD/USD bounces back toward 0.6950 on fresh USD supply

AUD/USD bounces back toward 0.6950 in the Asian session on Friday. The US Dollar retreats from 17-month highs as traders take profits off the table ahead of the all-important US Nonfarm Payrolls report. Meanwhile, the Australian Dollar draws support from reviving expectations of a November interest rate hike amid elevated global yields and inflation risks.

USD/JPY struggles near 158.00 as USD retreats ahead of NFP

USD/JPY is struggling for fresh impetus near 158.00, moving away from the top end of its weekly range in the Asian session on Friday, after hotter-than-expected Tokyo CPI and amid a broad US Dollar retreat. Traders reposition themselves ahead of US Nonfarm Payrolls.

Gold fades the earlier optimism; back below $4,200

Gold could not sustain the post-NFP bull run past the $4,200 mark per troy ounce, receding toward the $4,180 region at the end of the week. The precious metal’s inconclusive price action comes amid fresh selling pressure hurting the US Dollar as investors assess the latest NFP data.

Crypto Today: Bitcoin, Ethereum and XRP gains reinforce bullish outlook

Cryptocurrency prices are broadly recovering on Friday, led by Bitcoin moving above $86,000. Ethereum has reaffirmed its bullish outlook, rising above $2,700 while the immediate area at $2,800 caps upside. Meanwhile, Ripple hovers near $1.54.

Week ahead – Fed minutes in the spotlight amid bond market rout

Energy crisis and soaring bond yields to stay in driver’s seat in quiet week. Fed minutes eyed after drop in October rate hike bets. ISM services PMI and Treasury auctions to be watched too. Canadian employment, Japanese wages and ECB minutes also on tap.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.