EUR/USD under pressure below 1.1600, NFP eyed

The pair remains vulnerable after breaching the 1.1600 handle.
The greenback looks to consolidate above the 95.00 mark.
Services PMIs in Euroland and US Payrolls next of relevance today.

Pablo Piovano FXStreet

The selling pressure around the European currency remains well and sound at the end of the week and is now prompting EUR/USD to stay rangebound below 1.1600 the figure.

EUR/USD looks to data, Payrolls

The pair alternates gains with losses on Friday after breaking below the 1.1600 milestone on Thursday, all amidst the continuation of the bid tone surrounding the greenback.

In fact, the greenback is deriving support from US-China trade jitters and the persistent depreciation of the Chinese Yuan, which is navigating record lows around 6.8750.

In the data space, final Services PMIs in Euroland and Retail Sales in the euro area are coming up next, all ahead of US ISM Non-manufacturing and Non-farm Payrolls for the month of July (193k exp.).

EUR/USD levels to watch

At the moment, the pair is down 0.03% at 1.1581 facing immediate support at 1.1580 (low Aug.3) followed by 1.1575 (low Jul.19) and then 1.1527 (low Jun.28). On the upside, a breakout of 1.1680 (21-day SMA) would aim for 1.1749 (high Jul.23) and finally 1.1792 (high Jul.9).

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 stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.