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Hot Forecast for EUR/USD for August 10

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Solid demand for the US dollar persists as the shared currency gives up due to tepid German data. Investors are waiting for news from the US Senate that will vote on the $1 trillion bipartisan infrastructure bill.

EUR/USD keeps approaching the 1.1700 critical level which is March's monthly low. The near-term picture is bearish, although the pair is oversold. The 4-hour chart shows that it keeps developing well below a firmly bearish 20, accelerating its slide.

Technical indicators hold within extreme readings and still heading south, in line with at least a test of the mentioned level.

Support levels: 1.1705 1.1660 1.1620.

Resistance levels: 1.1750 1.1790 1.1830

The material has been provided by InstaForex Company - www.instaforex.com