EUR/USD drops to fresh daily low below 1.1730 on USD strength

EUR/USD continues to push lower in the American session.
US Dollar Index rose above 93.00 on Tuesday.
Greenback capitalizes on safe-haven flows as Wall Street's main indexes decline.

Eren Sengezer FXStreet

The EUR/USD pair extended its daily slide in the early American session and was last seen trading at a fresh daily low of 1.1727, losing 0.42% on a daily basis.

DXY advances above 93.00

The unabated USD strength on Tuesday is causing EUR/USD to continue to push lower. The risk-averse market mood seems to be providing a boost to the safe-haven greenback following the mixed macroeconomic data releases from the US. Currently, the S&P 500 and the Nasdaq Composite indexes are down 0.65% and 1.05%, respectively, while the US Dollar Index (DXY) is rising 0.44% at 93.01.

The US Census Bureau reported on Tuesday that Retail Sales declined by 1.1% in July, compared to the market expectation for a decrease of 0.2%. On a positive note, the Federal Reserve's monthly publication revealed that Industrial Production expanded by 0.9% in July.

Earlier in the day, the data from the euro area showed that the Gross Domestic Product in the second quarter grew by 2% on a quarterly basis, as anticipated.

Later in the session, FOMC Chairman Jerome Powell is scheduled to deliver a speech at a virtual meeting with educators and students and respond to questions from the audience at 1730 GMT.

Powell Speech Cheat Sheet: Three scenarios, only one dollar-negative.

Technical levels to watch for

EUR/USD

Overview
Today last price	1.1729
Today Daily Change	-0.0050
Today Daily Change %	-0.42
Today daily open	1.1779

Trends
Daily SMA20	1.18
Daily SMA50	1.1876
Daily SMA100	1.1962
Daily SMA200	1.201

Levels
Previous Daily High	1.1801
Previous Daily Low	1.1767
Previous Weekly High	1.1805
Previous Weekly Low	1.1706
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.178
Daily Fibonacci 61.8%	1.1788
Daily Pivot Point S1	1.1764
Daily Pivot Point S2	1.1749
Daily Pivot Point S3	1.173
Daily Pivot Point R1	1.1798
Daily Pivot Point R2	1.1816
Daily Pivot Point R3	1.1832

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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