EUR/USD upside capped around 1.1780

The pair manages to climb to the 1.1770/80 band.
The greenback reverts the initial test of YTD tops beyond 94.00.
Fed-speakers later and the FOMC minutes (Wednesday) grab all the attention.

Pablo Piovano FXStreet

The recovery in EUR/USD stalled just around the 1.1780 level at the beginning of the week, coming up from fresh YTD lows near 1.1710.

EUR/USD supported near 1.1710

Dip-buyers appeared around the key contention area near 1.1700 the figure earlier in the session, motivating the pair to leave behind the initial negative mood and regain part of the ground lost.

On the opposite side, the buck clinched fresh tops above the 94.00 mark albeit sellers stepped in soon afterwards, sparking the ongoing correction to the 93.70 region amidst some consolidation of US yields around the 3.07% level.

In addition, initial jitters coming from the uncertainty surrounding the populist coalition government in Italy appear mitigated for the time being, somewhat alleviating the downside in EUR.

Nothing expected in the data/event space today, leaving the bulk of the attention to speeches by Atlanta Fed R.Bostic (voter, centrist), Philladelphia Fed P.Harker (non voter, hawkish) and Minneapolis Fed N.Kashkari (non voter, dovish).

EUR/USD levels to watch

At the moment, the pair is losing 0.07% at 1.1763 and a breakdown of 1.1717 (2018 low May 21) would target 1.1700 (psychology level) en route to 1.1553 (monthly low Nov. 7 2017). On the flip side, the next resistance aligns at 1.1846 (10-day sma) seconded by 1.1961 (21-day sma) and finally 1.1996 (high May 14).

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.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.