EUR/USD Recorded 300 Pips Decline Last Week! - Kakiforex.com - Financial Market Media No. 1 in the World EUR/USD Recorded 300 Pips Decline Last Week! EUR/USD Recorded 300 Pips Decline Last Week!

June 21, 2021

EUR/USD Recorded 300 Pips Decline Last Week!

 The US dollar closed last week’s trade with an outstanding performance hitting a several -month high after strengthening following the FOMC meeting.


The strengthening momentum is expected to continue this week and will continue to put pressure on the movements of other major currencies in the market.


The Euro currency was among the most significantly affected by last week’s depreciation against the US dollar in addition to pressure by policy indicators by the European central bank (ECB).


Earlier this week, a speech by ECB President Christine Lagarde will be the focus of investors ’attention for the latest monetary policy indicators after expectations the central bank will continue to maintain its previously loose policy.




On the price chart the EUR/USD pair last week has recorded a weekly decline of up to 300 pips below the 1.19000 level.


At 1.19000 is now seen as a resistance zone for the price to be tested before continuing this week’s lower decline.



The next price decline is expected to test the 1.18000 support zone to record the lowest price level for the 2 -month trading period.


In fact, investors will expect a lower decline below that zone if the US dollar continues to strengthen.


On the other hand, if the price returns to make a rise above the 1.19000 level, investors will be looking for early signals for a reversal of the price trend.


As for the bullish expectation, the initial focus level is seen at 1.2000 before the price that continues to rise further will go to the SBR zone (support become resistance) at around 1.20600-1.20900.


Also monitor the European economic sector data this week which will also affect the movement of the Euro currency in the market.