The euro rallied Tuesday on growing Fed rate cut expectations, but technical resistance near 1.17 and support at 1.14 suggest the EUR/USD remains vulnerable to reversals.

EUR/USD continues to edge higher toward 1.1600 after posting gains on Tuesday and trades at a fresh weekly high. The technical outlook points to a bullish tilt in the short-term outlook.

EUR/USD pushes harder and maintains its course toward the key 1.1600 barrier on Tuesday, building on Monday’s slight advance and always underpinned by the increasing selling interest hurting the US Dollar (USD).

Gold is adding to Monday’s uptick on turnaround Tuesday, trading close to earlier multi-day highs above $4,150 per troy ounce.

The Australian Dollar (AUD) is on the back foot again, giving up some of the early-week optimism. That pullback has pushed AUD/USD back below its key 200-day SMA near 0.6460, wiping out two straight days of gains.

Gold (XAU/USD) remains supported above $4000 as market uncertainty and growing Fed rate cut expectations buoy prices ahead of major US economic data.