The EUR/USD is looking lately to settle below 1. 1800, while the US dollar is gaining ground against a giant basket of currencies.
The US dollar index recently checked in to break through EMA 20 at 92. 60 and is heading towards the next resistance point at 92. 80. On the occasion that the US dollar index proves this point, the EUR/USD would be under more pressure.
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Yesterday, the EU announced that eurozone trade output rose by 1. 5% month-on-month in July compared with the consensus of analysts forecasting an expansion of just 0. 6%. of 6. 3%. The report beat analysts’ expectations but offered no significant data for the euro.
Today, forex investors will be in the U. S. Retail Sales Report. USA From August, which will show how consumers have reacted to persistent disorders with the Delta variant of the coronavirus. Analysts expect retail sales to decline 0. 8% month-over-month.
EUR/USD has fallen below the point at 1. 1800 and is looking to further expand the bearish momentum. The next point for EUR/USD is near the recent lows at 1. 1775.
If the EUR/USD manages to stabilize below 1. 1775, it will move to the next one at 1. 1750. The RSI remains in moderate territory and there is plenty of room to expand the bearish momentum. A successful check of 1. 1750 will pave the way to check the next one at 1. 1720.
On the upside, EUR/USD will have to rise back above 1. 1800 to have a chance of gaining bullish momentum in the near term. The next resistance point is at 20 EMA at 1. 1810.
A successful test of the resistance of the EMA 20 will push the EUR/USD towards the EMA 50 at 1. 1820. If EUR/USD rises above this level, you will check the next resistance at 1. 1830.
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