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EUR/USD has broken lower this Wednesday, falling to a daily low of 1.1671, a fresh two-month low, and was last seen trading around 1.1690. The pair maintains its bearish bias as fears keep fueling dollar’s demand, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The dollar’s appreciation continues amid concerns about global economic growth as a second wave of coronavirus hits Europe while the pandemic gives no sign of receding in the US.”

“Later in the day, US Federal Reserve Chair Powell will testify on the economic impacts of COVID-19 before the House Select Committee.”

“The 4-hour chart shows that attempts to recover ground are now being rejected by sellers around 1.1720.”

“Technical indicators have barely corrected oversold readings before resuming their declines, reflecting strong selling interest. Meanwhile, the pair keeps developing below all of its moving averages, with the 20 SMA heading firmly lower below the larger ones.”