EUR/USD testing 1.1100 on US Philly index

Pablo Piovano FXStreet

EUR/USD lost further ground following the upbeat results from the Philly Fed index, currently gravitating around the 1.1110 region.

EUR/USD weaker on US data

Spot stays near the area of session lows after the Philly Fed Manufacturing index came on the strong side for the current month, rising to 38.8 vs. forecasts at 19.5 and April’s 22.0.

Further data from the labour market saw Initial Claims rising to 232K WoW and taking the 4-Week Average to 240.75K from 243.50K in the previous week.

The pair is shedding some ground after reaching fresh multi- month tops in the vicinity of 1.1170 during overnight trade following a moderate pick up in the demand for the greenback.

In fact, the US Dollar Index has regained some traction to the 99.60 region, as jitters on the recent Russia-gate appear somewhat mitigated today. However, the US political scenario should remain a source of volatility around the buck in the very near term, while chatter on a potential impeachment seems to gather traction in the media.

EUR/USD levels to watch

At the moment, the pair is retreating 0.45% at 1.1109 and a break below 1.1073 (76.4% Fibo of 1.1300-1.0339) would target 1.0935 (20-day sma) en route to 1.0826 (200-day sma). On the flip side, the next hurdle aligns at 1.1172 (2017 high May 18) followed by 1.1200 (psychological handle ) and finally 1.1300 (high Nov.9 2016).

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 holds near 1.1900 ahead of US data

EUR/USD struggles to build on Monday's gains and fluctuates near 1.1900 on Tuesday. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD declines toward 1.3650 on renewed USD strength

GBP/USD stays on the back foot and declines to the 1.3650 region on Tuesday. The negative shift seen in risk mood helps the US Dollar (USD) gather strength and makes it difficult for the pair to find a foothold. The immediate focus is now on the US Retail Sales data.

Gold stabilizes above $5,000 ahead of US data

Gold enters a consolidation phase after posting strong gains on Monday but stays above the $5,000 psychological mark and the daily swing low. US Treasury bond yields continue to edge lower on news of Chinese regulators advising financial institutions to curb holdings of US Treasuries, helping XAU/USD hold its its ground.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.