Last Friday, Euro bottomed and rebounded reaching the lowest price of 1.1663, the highest price 1.1704 and closed at 1.1699. The European Central Bank’s dovish stance in June and July has caused Euro to fall, but policy changes are now basically reflected in market prices. The relentless impact of the USD caused Euro to fall below the support of US$1.17 for the first time since early November. The Eurozone economy withstood the Delta epidemic better than most countries, thanks to high vaccination rates and proper control.
From a technical point of view, Euro’s weekly and daily candle all expressed strong bearish signs, and there was a certain sign of bottoming in H4 graph. MA formed golden cross at bottom position and RSI shows reversal. Overall prioritize operation on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1750.
Resistance：1.1730-1.1750-1.1800
Support：1.1700-1.1660-1.1600
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