• EURUSD continues to decline following the bearish trend in the previous session.
  • The pair is difficult to break above the level above 1.1750.
 EUR/USD continued to inch lower in Asian trading hours. At the time of the daily analysis of EURUSD for August 10, 2021 written by the GIC team, EUR/USD was at the level of 1.1738. The decline in the EURUSD pair occurred due to several factors, including the strengthening of the US dollar after the Nonfarm Payroll (NFP) data report on Friday which recorded very good results, not only that hourly income data and the US unemployment rate also recorded good results. The optimism of the development of American economic data brought the strengthening of the barada US dollar index at the level of 93.0. On the other hand, the euro currency is still under downward pressure, this occurs due to the European Central Bank (ECB) policy is still dovish, where they are expected to maintain low interest rates in the long term, plus European inflation movements are still unstable even though they have currently touched the inflation level of 2.2%. However, it is predicted that the European inflation rate will still be at a low level until next year, considering that economic recovery is still threatened by the Delta variant that again threatens various countries including the United States, China, and also the European continent.

EUR/USD Daily Chart Prediction

On the daily chart, the currency pair has been under strong selling pressure over the previous two months after reaching a high near 1.2218 on June 9. If the price breaks through and holds below the session low of 1.1732, the pair could correct further to the lows around the 1.1710 area made on April 1. Conversely, if the price can hold near the 1.1730 level, then the price could reverse back to the horizontal resistance level of 1.1765. Price action will then target the 20-day Simple Moving Average (SMA) at 1.1820 followed by the horizontal resistance level of 1.1850. Thus the daily analysis of EURUSD 10 August 2021, still prioritize Money Management and Risk Management in your trading. You can also read articles and analyses provided by GIC in the GIC Journal such as explanations of capital gains. Don't miss out on getting bonuses from GIC such as the 100% Deposit Bonus.