EURUSD is running out of steam. Overview for 07.12.2021

EURUSD remains under pressure; market players are cautiously selling.

On Tuesday, the major currency pair remains under the same pressure as yesterday. The current quote for the instrument is 1.1272.

A little bit later in the afternoon, the Euro Area and Germany are scheduled to report on the ZEW Economic Sentiment for December, which are both expected to show a significant decline and may force the major currency pair to fall. The revised GDP reading from the alliance is not expected to be a big surprise.

The Euro is using any calmness on financial markets to recover but none of these attempts has been successful so far.

Investors’ attention is slowly switching to the December meeting of the US Fed, where the regulator is expected to decide in favour of the QE Programme closure ahead of time. If the Fed closes the programme in April, it may get back to discussing the rate hike as early as May or June.

For the “greenback”, this would be excellent mid-term support.