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17.08.202117:02 Forex Analysis & Reviews: EUR/USD Hot Forecast, 17 August

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  • EUR/USD continues to move lower in the American session.
  • US Dollar Index rose above 93.00 on Tuesday.
  • Greenback capitalizes on safe-haven flows as Wall Street's main indexes decline.

Exchange Rates 17.08.2021 analysis

The EUR/USD pair extended its daily slide in the early American session and was last seen trading at a fresh daily low of 1.1727, losing 0.42% on a daily basis.

The 1.1800 neighbourhood now emerges as the immediate target for the EUR-bulls. If cleared, the recovery could target the July tops in the area just above the 1.1900 level where it is expected to struggle.

Failure to re-test/surpass the 1.1800 area, ideally in the very near term, could encourage sellers to step in and drag spot once again to YTD lows near 1.1700.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the critical level, today at 1.2005.

Jan Novotny
Analytical expert of InstaForex
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