EUR/USD Price Analysis: Initial hurdle comes at 1.1250

EUR/USD now gives away some gains following new tops near 1.1250.
A technical correction seems to be shaping up.

Pablo Piovano FXStreet

EUR/USD comes under pressure and puts the 1.1200 region to the test on Monday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions might spark a corrective knee-jerk. Further north of the 2023 top at 1.1248 (July 17), the pair is expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0658.

EUR/USD daily chart

EUR/USD

Overview
Today last price	1.1222
Today Daily Change	45
Today Daily Change %	-0.04
Today daily open	1.1227

Trends
Daily SMA20	1.0966
Daily SMA50	1.087
Daily SMA100	1.0854
Daily SMA200	1.0653

Levels
Previous Daily High	1.1245
Previous Daily Low	1.1204
Previous Weekly High	1.1245
Previous Weekly Low	1.0944
Previous Monthly High	1.1012
Previous Monthly Low	1.0662
Daily Fibonacci 38.2%	1.1229
Daily Fibonacci 61.8%	1.122
Daily Pivot Point S1	1.1206
Daily Pivot Point S2	1.1185
Daily Pivot Point S3	1.1165
Daily Pivot Point R1	1.1247
Daily Pivot Point R2	1.1266
Daily Pivot Point R3	1.1287

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 recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

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.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.