EUR/USD tumbles to 1.1130 on USD-buying

EUR/USD plummets to 1.1130, fresh weekly lows.
The dollar regains traction on risk-off environment.
ECB’s Lagarde said COVID-19 will have a considerable impact on economy.

Pablo Piovano FXStreet

EUR/USD has now accelerated the downside and is navigating the area of weekly lows in the mid-1.1100s losing around 1% at the time of writing.

EUR/USD weaker on USD-strength

EUR/USD is losing further ground in the second half of the week and navigates fresh multi-day lows in the 1.1150 region in response to the sudden pick-up in the demand for the greenback, which is regaining momentum vs. all its main rivals.

The pair has quickly left behind the key support at 1.1200 the figure and extended the drop to the 1.1130 region, trading at shouting distrance from the critical 200-day SMA just above the 1.1100 mark.

Earlier in the session, the ECB left the policy rates unchanged in spite of the recent interest rate cuts by its peers, namely the Fed, the BoE, the RBA and the BoC.

EUR/USD levels to watch

At the moment, the pair is losing 0.41% at 1.1223 and faces the next support at 1.1197 (weekly low Mar.12) followed by 1.1186 (61.8% Fibo of the 2017-2018 rally) and finally 1.1101 (200-day SMA). On the flip side, a break above 1.1495 (2020 high Mar.9) would target 1.1514 (high Jan.31 2019) en route to 1.1569 (2019 high Jan.10).

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 onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

Gold regains positive traction after Tuesday's over 2% slump as traders await FOMC Minutes

Gold gains some positive traction during the Asian session on Wednesday and recovers a part of the previous day's heavy losses more than 2%, to the $4,843-4,842 region or a nearly two-week low. The intraday move higher could be attributed to repositioning trade ahead of the release of the FOMC Minutes.

Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

Decentralized Finance tokens, including Jito, Morpho, and Convex Finance, rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node.

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.