Sterling Steadies as Burnham Prepares to Take Office, Euro Holds the Range Ahead of Next Week’s ECB Decision, the DAX 40 Extends Its Slide | European Session – Technical Analysis | 17 July 2026

July 17, 2026
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Sterling Steadies as Burnham Prepares to Take Office, Euro Holds the Range Ahead of Next Week’s ECB Decision, the DAX 40 Extends Its Slide | Capital Street FX European Session Technical Analysis · 17 July 2026 (Live Update)
Friday, 17 July 2026  ·  European Session Technical Analysis — Live Update ▸ STERLING STEADIES INTO BURNHAM HANDOVER · ECB DECISION LOOMS TUESDAY · DAX SLIPS TO 24,786 · SILVER SLIDES ON RATE FEARS · HORMUZ STANDOFF CONTINUES · ETHEREUM OUTPERFORMS

Sterling Steadies as Andy Burnham Prepares to Take Office, the Euro Holds the Range Ahead of Next Week’s ECB Decision, the DAX 40 Extends Its Slide

EUR/USD ~1.1445 ▬ range-bound ahead of the ECB’s 23 July decision · GBP/USD ~1.3487 ▼ easing from Wednesday’s high as markets digest the Burnham handover · Silver ~$55.20 ▼ sliding as rate-hike fears outweigh safe-haven demand · Natural Gas ~$2.89 ▼ near a two-month low on ample US supply · DAX 40 ~24,786 ▼ extending losses on tech-sector weakness · German 20Y Bund Yield ~3.38% ▲ holding near multi-month highs · Ethereum ~$1,842 ▼ pulling back after outperforming the week · XRP ~$1.10 ▬ consolidating on the reclaimed support
Friday’s European session opens with markets digesting the resolution of a month-long UK political succession question alongside a still-unresolved Middle East standoff, per live Reuters, Bloomberg, Investing.com and FXStreet coverage. Andy Burnham stood unopposed for the Labour leadership after nominations closed Thursday, backed by 379 of the party’s 402 sitting members; he is due to be confirmed at a special conference later Friday and will take office as Prime Minister on Monday following an audience with the King, formally ending Keir Starmer’s premiership. Sterling has pared back roughly half of one percent from Wednesday’s rally, which had carried GBP/USD to just below 1.3550 on reports that Home Secretary Shabana Mahmood, seen as the market-friendly choice, would be appointed Chancellor over the more fiscally expansive Ed Miliband. GBP/USD now trades near 1.3487, still comfortably above the 200-day moving average that had capped the pair for much of the spring, even as strategists caution that Burnham’s actual fiscal agenda remains almost entirely unstated. The Euro, meanwhile, is holding inside the 1.1362-1.1461 range that has contained the pair for the better part of a week, with EUR/USD near 1.1445 as traders position ahead of the European Central Bank’s 23 July decision; the Governing Council raised its deposit rate by 25 basis points to 2.25% in June and lifted its 2026 headline inflation projection to 3.0% on Middle East-driven energy costs, and while a July pause is the consensus view, Reuters reports investors are still positioning for a further hike in September if the conflict keeps energy costs elevated. In commodities, Silver is under renewed pressure, trading near $55.20 and on track for a weekly decline of more than 7%, as this week’s cooler US inflation data has done little to offset intensifying fears that Middle East-driven energy costs will force central banks back into tightening mode — a dynamic that hurts non-yielding metals even as the same conflict keeps a floor under oil. Natural Gas tells a genuinely divergent story either side of the Atlantic: the US Henry Hub benchmark is pinned near a two-month low around $2.89 per MMBtu on rising Lower-48 production, while the European TTF benchmark has climbed toward a three-month high near €55 per MWh as the Strait of Hormuz standoff squeezes LNG cargo flows into the region. Germany’s DAX 40 has extended its recent pullback to around 24,786, down roughly half a percent, weighed by Infineon, E.ON and Siemens Energy, even as a closely watched fund-manager survey shows a net 91% still expect European equities to rise over the next twelve months. German Bund yields remain elevated across the curve, with the 10-year holding near 3.12% and the 20-year point near 3.38%, as the same energy-driven inflation overshoot that is troubling the ECB keeps a bid under European borrowing costs into next week’s rate decision. In digital assets, Ethereum is pulling back to around $1,842 after a week in which it outperformed every major cryptocurrency, up roughly 8% against gains of just 2.4% for Bitcoin, on the back of returning ETF inflows and fast-growing demand from the new Robinhood Chain Layer-2, while XRP consolidates near its reclaimed $1.10 support after Ripple’s official documentation confirmed SWIFT-messaging interoperability for its payments software.
Session Overview

Sterling steadies as Andy Burnham prepares to become UK Prime Minister, the Euro holds its range ahead of next week’s ECB decision, Silver slides on rate-hike fears despite the ongoing Hormuz standoff, the DAX 40 extends its slide, and Ethereum outpaces a cautious crypto tape.

Friday’s European session is defined above all by the resolution of a UK political succession question that has weighed on Sterling sentiment for the better part of a month, per live Reuters, Bloomberg, Investing.com and FXStreet coverage. Nominations to replace Keir Starmer as Labour leader closed on Thursday with Andy Burnham standing unopposed, backed by 379 of the party’s 402 sitting members; he will be confirmed at a special conference later Friday before taking office as Prime Minister on Monday, following an audience with the King. The succession question that shadowed the Pound for weeks is now formally over, even though the policy agenda that replaces it remains almost entirely unstated. GBP/USD has pulled back roughly half of one percent from Wednesday’s stunning rally, which had carried the pair to just below 1.3550 on reports that Home Secretary Shabana Mahmood — seen by markets as the centrist, market-friendly choice — would be appointed Chancellor of the Exchequer over the more fiscally expansive Ed Miliband. Sterling now trades near 1.3487, still holding comfortably above the 200-day moving average that had capped the pair for much of the spring.

The Euro is treading water by comparison, with EUR/USD consolidating near 1.1445 inside the 1.1362-1.1461 range that has now contained the pair for the better part of a week. The European Central Bank’s Governing Council delivered a 25 basis point hike in June, lifting the deposit facility rate to 2.25% and revising its 2026 headline inflation projection up to 3.0% on Middle East-driven energy pressure. With the next decision falling on 23 July, market pricing currently leans toward a pause, though Reuters reports that investors remain positioned for a further hike in September should the conflict keep energy costs elevated; recent, more cautious commentary from policymakers Piero Cipollone and Martin Kocher, who argue there is no clear evidence yet of second-round inflation effects, has tempered the most hawkish pricing.

Commodities are sending a genuinely two-sided signal this morning. Silver has extended its slide to around $55.20 an ounce and is on track for a weekly decline of more than 7%, as this week’s softer-than-expected US inflation data has done little to offset intensifying concern that Middle East-driven energy costs will force central banks back toward tightening — a dynamic that punishes non-yielding metals even as the same conflict underpins oil. Reuters reported Thursday that Iran has instructed Yemen’s Houthi militia to stand ready to threaten the Red Sea shipping route should the United States strike Iranian power infrastructure, a fresh escalation risk that has so far failed to translate into safe-haven Silver buying. Natural Gas, meanwhile, is diverging sharply either side of the Atlantic: the US Henry Hub benchmark sits near a two-month low around $2.89 per MMBtu as Lower-48 production climbs to 110.2 billion cubic feet a day, while the European TTF benchmark presses toward a three-month high near €55 per MWh as the Strait of Hormuz standoff squeezes LNG cargo flows destined for the region.

Germany’s DAX 40 has extended its recent pullback to around 24,786, down roughly half a percent on the session, weighed by Infineon, E.ON and Siemens Energy, even as a closely watched Bank of America fund-manager survey shows a net 91% of respondents still expect European equities to rise over the coming twelve months — underscoring a split between near-term risk-off flows and a broadly constructive medium-term view. German Bund yields remain elevated across the curve alongside the equity weakness: the 10-year holds near 3.12%, close to its highest level since May, while the 20-year point sits near 3.38%, as the same energy-driven inflation overshoot troubling the ECB keeps a floor under European borrowing costs heading into next week’s rate decision.

In digital assets, Ethereum is pulling back to around $1,842 after a week in which it comfortably outperformed every other major cryptocurrency, gaining roughly 8% against 2.4% for Bitcoin, 1.4% for BNB and 1.6% for XRP, driven by returning spot ETF inflows and rapidly growing bridged-value demand from the newly launched Robinhood Chain Layer-2 network. XRP, for its part, is consolidating just above its reclaimed $1.10 support after Ripple’s official documentation confirmed SWIFT-messaging interoperability for its payments software and CryptoQuant data showed Binance’s XRP reserves falling to their lowest level since February 2026, even as spot XRP ETFs logged their first net outflow in nine weeks.

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Top Stories

European Session Headlines

The stories driving price action across currencies, equities, commodities and crypto this session

Critical
Andy Burnham Set to Be Confirmed Labour Leader Friday, Takes Office as UK PM Monday
Nominations closed Thursday with Burnham standing unopposed, backed by 379 of Labour’s 402 sitting MPs; he will be confirmed at a special conference later Friday and sworn in as Prime Minister on Monday after an audience with the King, formally ending Keir Starmer’s premiership.
Politics / FX
Critical
ECB’s Cipollone and Kocher Strike Cautious Tone Ahead of 23 July Decision
The Governing Council raised its deposit rate 25 basis points to 2.25% in June and lifted its 2026 inflation projection to 3.0%; markets currently lean toward a July pause, though Reuters reports positioning persists for a September hike should Middle East-driven energy costs stay elevated.
Rates / EUR
Critical
Iran Reportedly Tells Houthis to Ready Red Sea Threat as Hormuz Standoff Persists
Reuters reports Iran has instructed Yemen’s Houthi militia to stand ready to threaten the Red Sea shipping route if the US strikes Iranian power infrastructure; Brent holds near $84 and European TTF gas presses toward a three-month high as the standoff continues.
Energy / Geopolitics
High
Silver Slides Toward $55 as Rate-Hike Fears Outweigh Safe-Haven Demand
Silver is on track to fall more than 7% on the week even as Middle East tensions escalate, with rising oil-driven inflation expectations proving a bigger driver for the non-yielding metal than any safe-haven bid; the Gold/Silver ratio has widened to 70.78.
Metals
High
DAX 40 Extends Slide to 24,786 as Infineon, E.ON and Siemens Energy Weigh
Germany’s benchmark is down roughly half a percent, extending Thursday’s 0.34% decline, even as a Bank of America fund-manager survey shows a net 91% of respondents still expect European equities to rise over the next twelve months.
Equities
High
Ethereum Outperforms the Week on Robinhood Chain Demand and Returning ETF Inflows
ETH is up roughly 8% on the week versus 2.4% for Bitcoin, helped by more than $164 million bridged onto the new Robinhood Chain Layer-2 and $96 million in fresh US spot ETH ETF inflows over the first three days of the week, led by BlackRock’s ETHA.
Crypto

Section 1 · Economic Calendar

European Session Economic Calendar — 17 July 2026

Key releases and events shaping price action across today’s European session (CET unless noted; GMT/ET in parentheses where relevant)

European session economic calendar for Friday, 17 July 2026, listing scheduled times, events, expectations, impact rating and market read
Time (CET) Event Forecast / Detail Impact Market Read
10:00 (08:00 GMT) Eurozone Final HICP (June, y/y) Expected to confirm the flash reading near 3.0-3.2% headline, core near 2.6%, the hottest since 2023 HIGH Confirms the scale of the ECB’s inflation problem heading into the 23 July decision
All Day UK Labour Party Special Conference Confirms Andy Burnham Burnham stands unopposed, backed by 379 of 402 sitting MPs; PM handover set for Monday 20 July HIGH Removes UK succession uncertainty; focus shifts to Burnham’s fiscal agenda and Cabinet
10:30-12:00 ECB’s Piero Cipollone & Martin Kocher Speak Both policymakers have recently struck a cautious tone, citing no clear evidence yet of second-round inflation effects CRITICAL Key swing factor for EUR rate-hike repricing ahead of the 23 July decision
Ongoing Strait of Hormuz / Kharg Island Standoff (Day 7+) US blockade remains in force; Iran reportedly told the Houthis to be ready to threaten Red Sea shipping CRITICAL Primary driver of Brent, European Natural Gas, and Silver’s rate-fear pressure
08:00 Germany 20-Year Bund Auction Follow-Through Yields holding near 3.38% on the 20-year point as the curve tracks the 10-year’s multi-month highs MEDIUM Sets the tone for European borrowing costs into next week’s ECB decision
Recap (Thu) US Retail Sales & Philadelphia Fed Index (June/July) Thursday’s prints already digested by markets; residual US Dollar flow watched into the European close MEDIUM Sets broad Dollar direction for EUR/USD and GBP/USD into the weekend
Tue 23 July ECB Governing Council Decision (Preview) Consensus leans toward a pause after June’s 25bp hike, though a minority still positions for a move CRITICAL Ahead item; the dominant driver of EUR/USD and Bund yields heading into next week

Section 2 · Trade Ideas

European Session Trade Ideas

Technical setups and fundamental context across the session’s eight key instruments

EUR/USD

FX · ~1.1445 — Range-Bound Ahead of the ECB’s 23 July Decision
1.1445
▲ steady, holding the 1.1362-1.1461 range for a third straight session
▪ NEUTRAL-TO-BULLISH EUR/USD — Buy Dips Toward 1.1400, Target the 1.1490 Zone
Buy Dip1.1400
Stop Loss1.1355
Take Profit1.1490
EUR/USD daily chart
Chart by TradingView

Fundamental Backdrop

EUR/USD is consolidating near 1.1445, inside the 1.1362-1.1461 range that has now contained the pair for the better part of a week. The ECB raised its deposit rate 25 basis points to 2.25% in June and lifted its 2026 headline inflation projection to 3.0% on Middle East-driven energy costs, with the next decision due 23 July. Market pricing currently leans toward a pause, though Reuters reports investors are still positioning for a further hike in September if the conflict keeps energy costs elevated. Recent, more cautious remarks from Piero Cipollone and Martin Kocher, who see no clear evidence yet of second-round inflation effects, have tempered the most hawkish EUR pricing, while the Dollar retains a firm undertone tied to safe-haven demand around the Hormuz standoff.

Technical Outlook

The pair remains capped below the 50-period moving average near 1.1426 on the intraday chart, having reclaimed the 200-period moving average around 1.1402. A clean break below this trade’s 1.1400 buy-dip zone would expose the base of the range near 1.1362, this trade’s stop-loss area. On the upside, a decisive close above 1.1461 would open the way toward this trade’s 1.1490 target and, on further strength, the 1.1540 region last tested in early July.

Session Catalysts

Watch for: (1) Eurozone final June HICP at 10:00 CET; (2) remarks from ECB’s Cipollone and Kocher; (3) any fresh Strait of Hormuz or Red Sea headline flow; (4) residual US Dollar direction following Thursday’s Retail Sales and Philly Fed prints; (5) positioning ahead of the 23 July ECB decision.

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GBP/USD

FX · ~1.3487 — Easing From Wednesday’s High as Markets Digest the Burnham Handover
1.3487
▼ down, giving back roughly half of Wednesday’s rally to 1.3550
▴ BULLISH GBP/USD — Buy Dips Toward 1.3430, Target the 1.3660 Zone
Buy Dip1.3430
Stop Loss1.3360
Take Profit1.3660
GBP/USD daily chart
Chart by TradingView

Fundamental Backdrop

Sterling’s succession-driven volatility appears to be resolving itself. Andy Burnham stood unopposed for the Labour leadership after nominations closed Thursday, backed by 379 of the party’s 402 sitting members, and will be confirmed at a special conference later Friday before taking office as Prime Minister on Monday. GBP/USD is giving back roughly half of Wednesday’s rally, which had carried the pair to just below 1.3550 on reports that Home Secretary Shabana Mahmood — seen as the market-friendly choice — would be appointed Chancellor over the more fiscally expansive Ed Miliband. The Bank of England held Bank Rate at 3.75% in a 7-2 vote in June, a hawkish hold, while May GDP data released Thursday showed the economy expanding 0.1% on the month, a touch softer than the 1.4% three-month pace consensus had expected, with industrial production down 0.5% and construction down 0.8%.

Technical Outlook

The pair has decisively cleared the 200-day moving average near 1.3397 that had capped it for much of the spring, and now holds well above the 1.3330 floor that defined the prior two weeks’ range. A pullback toward this trade’s 1.3430 buy-dip zone would offer a favourable entry within the broader recovery, with the 1.3360 stop-loss area sitting just below the reclaimed 200-day average. On the upside, a clean break of Wednesday’s 1.3550 high opens the way toward this trade’s 1.3660 target.

Session Catalysts

Watch for: (1) confirmation of Burnham’s leadership at Friday’s special conference; (2) any early signal on his Chancellor pick or fiscal agenda; (3) residual US Dollar direction into the weekend; (4) broader risk sentiment tied to the Hormuz standoff; (5) positioning into Monday’s formal handover of power.

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Silver

Metals · ~$55.20/oz — Sliding as Rate-Hike Fears Outweigh Safe-Haven Demand
$55.20
▼ down, on track for a weekly decline of more than 7%
▾ BEARISH SILVER — Sell Rallies Toward $57.20, Target the $53.60 Zone
Sell Rally$57.20
Stop Loss$58.60
Take Profit$53.60
Silver daily chart
Chart by TradingView

Fundamental Backdrop

Silver has extended its slide to around $55.20 an ounce and is on track to fall more than 7% on the week, even as Middle East tensions escalate further. Reuters reported Thursday that Iran has instructed Yemen’s Houthi militia to stand ready to threaten the Red Sea shipping route should the US strike Iranian power infrastructure. Counter-intuitively, that escalation has not translated into safe-haven Silver buying: rising oil-driven inflation expectations are instead feeding fears that central banks, including the Fed under Chair Kevin Warsh and the ECB, will be forced back toward tightening, a dynamic that disproportionately punishes non-yielding metals. The Gold/Silver ratio has widened to 70.78, its highest in recent sessions, underscoring Silver’s relative underperformance versus Gold.

Technical Outlook

Silver is trading below its daily pivot at $57.82, with the Relative Strength Index near 32 reflecting a firmly bearish near-term bias. A bounce toward this trade’s $57.20 sell-rally zone would offer a favourable entry within the broader downtrend, with the $58.60 stop-loss area sitting above the daily R1 resistance at $59.00. On the downside, a break of support at $55.41 opens the way toward this trade’s $53.60 target, close to the $54.10 base of the current weekly range.

Session Catalysts

Watch for: (1) any escalation in Red Sea or Strait of Hormuz headline flow; (2) US Dollar Index direction; (3) repricing of Fed and ECB rate-hike odds; (4) Gold’s relative safe-haven performance; (5) industrial demand data out of Europe and Asia.

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Natural Gas

Energy · ~$2.89/MMBtu (Henry Hub) — Near a Two-Month Low as European TTF Diverges Higher
$2.89
▼ down, holding near a two-month low on ample US supply
▾ BEARISH NATURAL GAS — Sell Rallies Toward $3.05, Target the $2.65 Zone
Sell Rally$3.05
Stop Loss$3.20
Take Profit$2.65
Natural Gas daily chart
Chart by TradingView

Fundamental Backdrop

US Henry Hub Natural Gas is pinned near a two-month low around $2.89 per MMBtu as average Lower-48 production has climbed to roughly 110.2 billion cubic feet a day in July from 110.0 bcfd in June, adding to inventory builds even as scheduled maintenance at the Freeport LNG facility in Texas temporarily curtails export flows. The picture is starkly different in Europe: the Dutch TTF benchmark, the region’s primary gas reference, has climbed toward a three-month high near €55 per MWh as the Strait of Hormuz standoff squeezes LNG cargo flows destined for European buyers, a divergence that keeps the US benchmark comparatively cheap relative to its European counterpart.

Technical Outlook

Henry Hub is consolidating below the prior support-turned-resistance zone near $3.05-3.10. A bounce toward this trade’s $3.05 sell-rally zone would offer a favourable entry within the broader downtrend, with the $3.20 stop-loss area sitting above recent swing highs. On the downside, a break of the $2.80 psychological level opens the way toward this trade’s $2.65 target.

Session Catalysts

Watch for: (1) the next EIA weekly storage report; (2) the Freeport LNG maintenance schedule and return-to-service timing; (3) Strait of Hormuz and Red Sea headline flow driving European TTF; (4) GIE AGSI+ European storage-injection data; (5) near-term US weather and power-burn demand forecasts.

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DAX 40

Indices · ~24,786 — Extending Its Slide on Tech-Sector Weakness
24,786
▼ down, extending Thursday’s 0.34% decline to 24,915
▾ BEARISH DAX 40 — Sell Rallies Toward 25,050, Target the 24,350 Zone
Sell Rally25,050
Stop Loss25,280
Take Profit24,350
DAX 40 daily chart
Chart by TradingView

Fundamental Backdrop

Germany’s DAX 40 has extended its recent pullback to around 24,786, down roughly half a percent and building on Thursday’s 0.34% decline to 24,915, as Infineon (-4.23%), E.ON (-2.30%) and Siemens Energy (-2.26%) led the losses. The index remains well off the all-time high near 25,900 touched in early July, with Middle East tensions and a mixed run of technology-sector earnings — ASML’s AI-linked strength offset by IBM-related weakness in the read-through for chip-equipment names — weighing on sentiment. Even so, a closely watched fund-manager survey shows a net 91% of respondents still expect European equities to rise over the coming twelve months, underscoring a split between near-term risk-off flows and a broadly constructive medium-term view.

Technical Outlook

The index is consolidating within a broader range that has held since the early-July all-time high, with the 24,500 zone watched as a prior consolidation area that may act as support. A bounce toward this trade’s 25,050 sell-rally zone would offer a favourable entry within the near-term downtrend, with the 25,280 stop-loss area sitting above recent swing highs. On the downside, a break of 24,500 opens the way toward this trade’s 24,350 target.

Session Catalysts

Watch for: (1) Eurozone final June HICP; (2) continued Strait of Hormuz and Red Sea headline flow; (3) US equity futures direction into the Wall Street reopen; (4) German Bund yield direction; (5) single-stock earnings flow from Siemens Energy, Infineon and other DAX heavyweights.

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EU 20Y (German Bund Yield)

Rates · ~3.38% — Holding Near Multi-Month Highs Ahead of the ECB
3.38%
▲ firm, tracking the 10-year’s highest levels since May
▴ BULLISH YIELD (BEARISH PRICE) — Buy Yield Dips Toward 3.32%, Target the 3.55% Zone
Buy Yield Dip3.32%
Stop Loss3.20%
Take Profit3.55%
EU 20Y German Bund yield daily chart
Chart by TradingView

Fundamental Backdrop

Germany’s 20-year Bund yield is holding near 3.38%, tracking the 10-year point at 3.12% and the 30-year at roughly 3.48% higher across the curve, as escalating Middle East tensions and firmer oil prices keep inflation and ECB-tightening expectations elevated. Money markets now fully price a September rate hike and see the ECB’s deposit rate reaching roughly 2.70% by December, up from 2.25% currently. The next Governing Council decision falls on 23 July, and while recent comments from Piero Cipollone and Martin Kocher suggest a cautious near-term stance, the same energy-driven inflation overshoot that lifted the ECB’s 2026 projection to 3.0% is keeping European borrowing costs elevated across all tenors.

Technical Outlook

Yields across the German curve have been grinding higher since mid-May, with the 10-year clearing 3.1% for the first time since 21 May. A pullback in yield toward this trade’s 3.32% buy-dip zone (meaning a modest recovery in bond prices) would offer a favourable entry within the broader rising-yield trend, with the 3.20% stop-loss level sitting below the recent consolidation floor. On the upside, a sustained move above the recent multi-month highs would open the way toward this trade’s 3.55% target on the 20-year point.

Session Catalysts

Watch for: (1) the ECB’s 23 July decision; (2) Eurozone final June HICP; (3) further comments from Cipollone and Kocher; (4) Germany’s ongoing record debt-issuance calendar; (5) continued Strait of Hormuz headline flow and its read-through to US Treasury yields.

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Ethereum

Crypto · ~$1,842 — Pulling Back After Outperforming Every Major Cryptocurrency This Week
$1,842
▼ down 4.3% intraday, but still up roughly 8% on the week
▴ BULLISH ETHEREUM — Buy Dips Toward $1,780, Target the $1,960 Zone
Buy Dip$1,780
Stop Loss$1,715
Take Profit$1,960
Ethereum daily chart
Chart by TradingView

Fundamental Backdrop

Ethereum is pulling back to around $1,842, down 4.3% intraday, after comfortably outperforming every other major cryptocurrency this week: ETH is up roughly 8% versus gains of just 2.4% for Bitcoin, 1.4% for BNB and 1.6% for XRP, with Solana (-1.8%) and Hyperliquid (-3.5%) both lower. The Robinhood Chain, an Ethereum Layer-2 network launched 1 July, has driven more than $164 million bridged from Ethereum’s base layer, a tenfold increase in a single week according to onchain analytics platform Token Terminal. US spot ETH ETFs have also turned a corner, snapping an eight-week outflow streak with $84.4 million in net inflows last week and a further $96 million over the first three days of this week, led by BlackRock’s ETHA fund, while ETH treasury firm BitMine Immersion has continued accumulating.

Technical Outlook

ETH is hovering below $1,800 after this week’s macro-driven rally, but remains well above its 20-day EMA near $1,718, which offers near-term support. A pullback toward this trade’s $1,780 buy-dip zone would offer a favourable entry within the broader recovery, with the $1,715 stop-loss area sitting just below the 20-day EMA. On the upside, reclaiming the 50-day EMA near $1,801 and the 100-day EMA near $1,960 — this trade’s target — would meaningfully strengthen the bullish case, with the 200-day EMA at $2,242 the key longer-term resistance.

Session Catalysts

Watch for: (1) daily US spot ETH ETF flow data; (2) continued growth in Robinhood Chain bridged value; (3) further BitMine Immersion accumulation updates; (4) Bitcoin’s ability to hold its $64,000 support; (5) broader risk sentiment tied to the Hormuz standoff.

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XRP

Crypto · ~$1.10 — Consolidating on the Reclaimed $1.10 Support
$1.10
▼ little changed, taking a breather after this week’s macro-driven rally
▪ NEUTRAL-TO-BULLISH XRP — Buy Dips Toward $1.07, Target the $1.18 Zone
Buy Dip$1.07
Stop Loss$1.02
Take Profit$1.18
XRP daily chart
Chart by TradingView

Fundamental Backdrop

XRP is consolidating just above its reclaimed $1.10 support as the broader crypto tape cools after this week’s macro-driven bounce. Ripple’s official documentation confirmed SWIFT-messaging interoperability for its Ripple Payments software this week, a technical rather than commercial milestone, while CryptoQuant data show Binance’s XRP reserves falling to 2.61 billion tokens, their lowest level since February 2026, a cautiously bullish supply signal, and the XRP Ledger has surpassed 8 million accounts. Working against the recovery, spot XRP ETFs logged a $7.18 million net outflow on 10 July, the first outflow after nine consecutive positive weeks, and active-wallet counts have fallen toward yearly lows.

Technical Outlook

XRP is holding just above the $1.10 support level, with futures open interest steady near 2.2 billion XRP. A pullback toward this trade’s $1.07 buy-dip zone would offer a favourable entry within the recent consolidation, with the $1.02 stop-loss area sitting below the broader structural floor. On the upside, a break above $1.14 would open the way toward the $1.17-$1.20 zone and, on further strength, this trade’s $1.18 target.

Session Catalysts

Watch for: (1) daily US spot XRP ETF flow data; (2) further Binance and exchange reserve trends; (3) broader Bitcoin and Ethereum direction; (4) any incremental Ripple partnership or SWIFT-related headlines; (5) risk sentiment tied to the Hormuz standoff.

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Section 3 · Frequently Asked Questions

European Session FAQ

Quick answers to the questions traders are asking this session

It’s a genuinely live question, though the balance of market pricing currently leans toward a pause. The Governing Council raised its deposit rate 25 basis points to 2.25% in June, citing Middle East-driven inflation pressure, and revised its 2026 headline inflation projection up to 3.0%. Recent comments from Executive Board member Piero Cipollone and Governing Council member Martin Kocher have struck a more cautious tone, arguing there is no clear evidence yet of second-round inflation effects working through wages and services prices, which is why most desks expect the ECB to hold in July. That said, Reuters reports investors remain positioned for a further hike in September if the Strait of Hormuz standoff keeps energy costs elevated through the summer, since Eurozone headline inflation is already running well above the ECB’s 2.0% target and the direction of oil prices over the coming weeks will likely be the deciding factor.

The initial market reaction has been more relief than alarm. Sterling’s biggest move actually came on reports that Home Secretary Shabana Mahmood, seen as the centrist and market-friendly choice, would be appointed Chancellor over Ed Miliband, whose more expansionary fiscal instincts had worried investors. That news drove GBP/USD to just below 1.3550 on Wednesday, and the pair has only pared back roughly half of that move since. With nominations closed and Burnham standing unopposed, the acute succession uncertainty that weighed on the Pound for weeks is now resolved. The bigger open question is what Burnham’s actual policy agenda looks like: he has so far offered little detail on tax and spending plans, and strategists caution that this fiscal uncertainty could re-emerge as a headwind for Sterling once his government is formally in office from Monday.

This is a genuine and slightly counter-intuitive dynamic. Silver is both a precious metal with some safe-haven characteristics and an industrial metal sensitive to interest-rate expectations, and this week the second effect is dominating the first. Escalating tensions around the Strait of Hormuz and the fresh Red Sea threat reported by Reuters are pushing oil prices higher, and higher oil prices are feeding fears that central banks will be forced back toward tightening rather than easing. Because Silver, like Gold, pays no yield, rising rate expectations increase its opportunity cost and weigh on the price even as the same headlines might normally be expected to support safe-haven flows. The Gold/Silver ratio widening to 70.78 illustrates the divergence: Gold is holding up notably better than Silver through this particular bout of geopolitical risk.

Ethereum’s outperformance this week appears to be driven by a combination of network-specific catalysts and improving fund flows rather than broad crypto-market beta. The Robinhood Chain, a new Ethereum Layer-2 network launched 1 July, has driven a tenfold weekly increase in value bridged from Ethereum’s base layer, giving traders a concrete new demand narrative. At the same time, US spot ETH ETFs have snapped an eight-week outflow streak and pulled in a further $96 million over the first three days of this week, led by BlackRock’s fund, while spot Bitcoin ETFs remain considerably choppier. Ethereum treasury firm BitMine Immersion has also continued accumulating. XRP and Bitcoin, by contrast, lack a comparably strong single catalyst this week and are largely tracking the broader market’s more cautious, fear-dominated tape.

European Session Summary — Friday, 17 July 2026 (Live Update)

Friday’s European session is defined by the resolution of a UK political succession question layered on top of a still-unresolved Middle East standoff and a Euro treading water ahead of next week’s ECB decision, per live Reuters, Bloomberg, Investing.com and FXStreet coverage. Andy Burnham stood unopposed for the Labour leadership after nominations closed Thursday, backed by 379 of the party’s 402 sitting members, and will be confirmed at a special conference later Friday before taking office as Prime Minister on Monday following an audience with the King. GBP/USD has pulled back roughly half of one percent from Wednesday’s rally to just below 1.3550, which had been driven by reports that Home Secretary Shabana Mahmood — the market-friendly choice — would be appointed Chancellor over the more fiscally expansive Ed Miliband; Sterling now trades near 1.3487, comfortably above the 200-day moving average that had capped it for much of the spring. The Euro, meanwhile, is holding inside its 1.1362-1.1461 range near 1.1445 as traders position ahead of the ECB’s 23 July decision; the Governing Council raised its deposit rate 25 basis points to 2.25% in June and lifted its 2026 inflation projection to 3.0%, and while a July pause is the consensus view, Reuters reports investors remain positioned for a September hike should the Strait of Hormuz standoff keep energy costs elevated. Layered on top of the FX story is a genuinely two-sided commodities picture: Silver has extended its slide to around $55.20 an ounce, on track for a weekly decline of more than 7%, as rising oil-driven inflation expectations outweigh any safe-haven bid, while Natural Gas diverges sharply either side of the Atlantic, with US Henry Hub pinned near a two-month low around $2.89 per MMBtu even as European TTF presses toward a three-month high near €55 per MWh on Hormuz-driven LNG competition. Germany’s DAX 40 has extended its recent pullback to around 24,786, weighed by Infineon, E.ON and Siemens Energy, even as a net 91% of European fund managers still expect equities to rise over the next twelve months, while German Bund yields hold near multi-month highs across the curve — the 10-year near 3.12% and the 20-year near 3.38% — as the same energy-driven inflation overshoot troubling the ECB keeps a floor under European borrowing costs. In digital assets, Ethereum is pulling back to around $1,842 after outperforming every major cryptocurrency this week, up roughly 8% against 2.4% for Bitcoin, on Robinhood Chain demand and returning ETF inflows, while XRP consolidates near its reclaimed $1.10 support after Ripple’s SWIFT-interoperability documentation news. Highest-conviction session idea: buy Ethereum dips toward $1,780, targeting $1,960 — the combination of Robinhood Chain L2 demand, returning US spot ETH ETF inflows and continued BitMine accumulation is a genuine, multi-pronged tailwind, though a broader reversal in crypto-market risk appetite tied to the Hormuz standoff would undercut the setup quickly.

For the individual instruments: EUR/USD buy dips toward 1.1400, stop 1.1355, target 1.1490 — the ECB’s hawkish tilt and a live September-hike possibility are genuine tailwinds for the upside case, though a firm US Dollar tied to Hormuz-driven safe-haven demand is a real headwind. GBP/USD buy dips toward 1.3430, stop 1.3360, target 1.3660 — the resolution of UK political succession uncertainty and a market-friendly Chancellor pick are genuine tailwinds, though Burnham’s unstated fiscal agenda is a real risk to the setup. Silver sell rallies toward $57.20, stop $58.60, target $53.60 — rising rate-hike odds tied to Middle East-driven energy costs are a genuine headwind for the non-yielding metal, though any sudden safe-haven repricing is a real risk to the bearish case. Natural Gas sell rallies toward $3.05, stop $3.20, target $2.65 — ample US supply and rising Lower-48 production are genuine tailwinds for the downside case, though a resolution to the Freeport LNG maintenance or fresh Hormuz escalation could quickly reverse the setup. DAX 40 sell rallies toward 25,050, stop 25,280, target 24,350 — continued tech-sector weakness and Middle East risk-off flows are genuine tailwinds, though the strongly bullish 12-month fund-manager survey is a real risk to the downside case. EU 20Y buy yield dips toward 3.32%, stop 3.20%, target 3.55% — persistent ECB-tightening bets and energy-driven inflation are genuine tailwinds for higher yields, though a dovish surprise from Cipollone or Kocher is a real risk to the setup. Ethereum buy dips toward $1,780, stop $1,715, target $1,960 — Robinhood Chain demand and returning ETF inflows are genuine tailwinds, though a reversal in broader crypto-market risk appetite remains a real risk. XRP buy dips toward $1.07, stop $1.02, target $1.18 — falling exchange reserves and SWIFT-interoperability news are genuine tailwinds, though the first ETF outflow in nine weeks is a real headwind. The decisive variables for the remainder of the session are the Eurozone’s final June HICP release, comments from ECB’s Cipollone and Kocher, confirmation of Burnham’s leadership at Friday’s special conference, continued Strait of Hormuz and Red Sea headline flow, and positioning ahead of the ECB’s 23 July decision. Size positions accordingly, and note that the political and geopolitical backdrop remains exceptionally fluid and carries genuine event risk that could reshape sentiment sharply intraday.

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Capital Street FX · European Session Daily Technical Analysis · Friday, 17 July 2026

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© 2026 Capital Street FX. All market data sourced from live feeds as of the European session, 17 July 2026, updated live. Key sources: Reuters, Bloomberg, Investing.com, FXStreet, Trading Economics, CNBC, CoinGecko, CoinMarketCap, CoinDesk, ECB, Bundesbank, ONS, Ripple, CSFX Research Desk. Prices are indicative intraday levels and may differ from your broker’s feed. Mini-charts are sourced from TradingView and reflect intraday data as of the time captured, not live broker feeds.