• The declining COVID-19 active numbers add to market optimism.
  • The revision of the Eurozone GDP and the ZEW figures managed to entertain buyers, but all this depends on the ECB.
  • EURUSD continues to rise below 1.1900, up 0.08% today at 1.1880 ahead of the European session.
The EURUSD currency pair supported the weakening of the US dollar as it moved to the top of the last few days. When the daily analysis of EURUSD for September 07, 2021 was written by the GIC team, the pair was at the level of 1.18813. The US dollar index (DXY) fell by 0.07% to 92.14 amid a risky market. The easing of COVID-19 fears and vaccine hopes, as well as the increasing chances of a reduction by the European Central Bank (ECB), have raised optimistic sentiment. The ECB is ready to encourage market movements with plans to buy bonds from the central bank amid a gradually improving economy. U.S. government bond yields started the week trading up around 1.34% while S&P 500 Futures rose 0.13% to 4,540. Furthermore, the second reading of the Eurozone Q2 GDP and the ZEW sentiment figure could affect the EURUSD price.

How is the EURUSD technical analysis?

The movement of the Euro is predicted to still try to strengthen or bullish towards the R1, R2 and even R3 levels, but if it cannot continue its further strengthening, it will return to the Pivot level or it may move to the S1, S2 and even S3 levels, for details can be seen below.
  • Pivot poin is at 1,18700
  • Resistance 1 = 1,18847
  • Resistance 2 = 1,19005
  • Resistance 3 = 1,19152
  • Support 1 = 1,18542
  • Support 2 = 1,18395
  • Support 3 = 1,18237
This the daily analysis of EURUSD September 07, 2021. Still confused about forex trading and how to do it? You can find out through the GIC Journal. In the GIC Journal, you can read the article on how to learn forex which explains the basics of how to trade forex. In addition to articles on how to learn forex, GIC also provides a trading education platform for traders for beginners and professionals so that traders are more proficient in making profits. This education can be in the form of webinars, e-books, or videos. There are many classes that you can take for free if you become a trader at GIC. Let's take a peek at Forex Academy! Don't miss out on participating in events at GIC such as the 100% deposit bonus.