EURUSD dips on stronger dollar.
EURUSD under the bearish pressure today after US Retail Sales beat estimates with 0.6% MoM in June. The Control Group also exceeded estimates with 1.1%. The pair is also driven down by concerns about the pace of the economic recovery in Eurozone after the widespread floods caused immense economic damage to the local communities in Germany and Belgium and also upset the vaccination programmes in the region. The pair is also pressured down by safe-haven inflows into the U.S. dollar on fears about the spread of the Delta variant – with COVID-19 cases on the rise again at the global level and in most of the G7 economies.
Expect sellers on upward corrections.
Next support to watch – 1,1772
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