EUR/USD drops further and revisits the 1.0120 area.Extra losses should meet solid support around 1.0100.EUR/USD challenges the August lows in the vicinity of 1.0120 on turnaround Tuesday.
While further correction appears likely in the short-term horizon, the lower end of the recent range in the 1.0100 zone should offer decent support prior to a potential challenge of the psychological parity level.In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0880.
EUR/USD stays in red below 1.0150 after weak US data
EUR/USD has managed to stage a modest recovery in the early American session but failed to reclaim 1.0150. The data from the US showed Housing Starts fell by 9.6% in July, limiting the greenback’s gains as focus shifts to Wall Street’s opening bell.
GBP/USD steadies below 1.2050 as dollar rally loses steam
GBP/USD trades with modest daily losses below 1.2050 in the second half of the day on Tuesday. Following the disappointing Housing Starts data from the US, the US Dollar Index retreated from multi-week highs, allowing the pair to limit its losses.
Gold falls toward $1,770 as US yields push higher
Gold came under renewed bearish pressure in the early American session and dropped toward $1,770. The benchmark 10-year US Treasury bond yield is up nearly 2% on the day above 2.8%, forcing XAU/USD to continue to push lower.