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EUR / USD remains depressed near 1.1670

  • EUR / USD remains offered tone unchanged on Tuesday.
  • Lagarde of the ECB favored the current accommodative stance of the ECB.

The EUR/USD it remains well offered and is trading a considerable distance from the yearly lows near 1.1660.

EUR / USD targets yearly lows near 1.1660

The EUR / USD extends the bearish move for yet another session on Tuesday, at the same time, entering the fourth consecutive week with losses.

Higher US yields and the strong recovery of the dollar propelled the US Dollar Index (DXY) to new 2021 highs near 93.80 ahead of Powell’s testimony from the Fed before the Senate.

Earlier at the ECB Forum in Sintra, President Lagarde defended the current accommodative stance at the central bank, which will ensure a safe exit from the coronavirus pandemic and is expected to help inflation reach the bank’s target.

Technical levels

So far, the pair is shedding 0.19% at 1.1673 and faces the next bullish barrier at 1.1755 (weekly high on September 22) seconded by 1.1782 (55-day SMA) and finally 1.1845 (weekly high on September 14) . On the other hand, a break below 1.1672 (monthly low on September 28) would target 1.1663 (August 20 low) en route to 1.1602 (November 4, 2020 monthly low).

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