The euro is attempting a recovery near 1.16, with Fed policy signals and Jackson Hole remarks set to drive the next move in EUR/USD.

The Euro (EUR) struggled to regain upside traction on Tuesday, prompting EUR/USD to navigate an inconclusive range in the sub-1.1700 region, all against the backdrop of a lack of clear direction in the US Dollar (USD).

Spot Gold came under selling pressure during American trading hours, easing towards the $3,320 area. The bright metal retreated as the US Dollar (USD) gathered momentum amid fresh optimism about a resolution of the Russian Ukraine war.

The Australian Dollar (AUD) built on losses recorded at the beginning of the week, motivating AUD/USD to recede to the area of two-week troughs near 0.6460, an area also coincident with its interim 55-day SMA.

The EUR/USD pair trades with a positive tone on Tuesday, although still down for the week. The pair trades below the 1.1700 mark, still up from an intraday low of 1.1638, early in the American session.

GBP/USD stretched lower in the Asian session on Tuesday and touched its lowest level in a week below 1.3500 before staging a rebound. The pair’s near-term technical outlook suggests that investors refrain from placing themselves for an extended recovery.