On Tuesday, Euro rose 0.08% to 1.1757. Euro rose briefly after the news came out that the German Social Democratic Party’s approval rating surpassed the conservative coalition. The spread of the new Delta variant virus and the worries about the US economic recovery have been temporarily left behind. USD index has fallen for three consecutive trading days. Before the European Central Bank admitted that inflation was becoming stronger than their forecast, the market is still rational.
From a technical point of view, Euro has bottomed out for three consecutive days. Currently EURUSD is at the key resistance position 1.1750-1.1800. H4 graph shows that EURUSD is still in a downward trend. The short-term moving average forms Golden Cross, and the MACD is around the 0 axis. Overall prioritize operation on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1760.
Resistance：1.1760-1.1780-1.1800
Support：1.1720-1.1700-1.1660
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