On Friday, the Asian market had relatively small volatility, and the rebound of the euro seemed to have stalled. Due to the risk aversion tendency of the market, EURUSD stabilised at arounf 1.1740. The US Producer Price Index (PPI) recorded its largest annual increase in more than 10 years, suggesting that inflationary pressures remain strong. The non-agricultural employment data in July, coupled with the Fed's continued release of hawkish statement overcame the market’s concern about the spread of India’s Delta variant strain. The market showed optimism about the prospects for economic recovery.
From a technical point of view, Euro’s daily line closed bearish. Although the market has stabilized, it lacks momentum to strengthen and indicators are weak. H4 graph showed that MA converges, BOLL closed up, and there seems to be signs of a change of market. Overall prioritize operate on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1760.
Resistance：1.1770-1.1800-1.1830
Support：1.1720-1.1700-1.1650
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