Further selling pressure hurts the single currency and drags EUR/USD closer to the 1.1700 neighborhood in the wake of the NA opening on Tuesday. EUR/USD drops further and threatens to challenge the key support at 1.17 the figure amidst the unabated march north in the greenback. Indeed, when tracked by the US Dollar Index (DXY), the buck navigates in levels last seen in early November 2020 beyond the 93.00 hurdles.

EUR/USD remains under heavy pressure and recedes to new lows further south of the 1.1800 mark. The strong pullback in the pair came along with the persistent bid bias of the greenback, which has been undermining the constructive view in the pair in the past weeks. The deterioration of the morale in Euroland coupled with the poor pace of the vaccine rollout in the region and the outperformance of the US economy (vs. its G10 peers) have all been collaborating with the renewed offered stance around the single currency. However, the steady hand from the ECB (despite some verbal concerns) in combination with the expected rebound of the economic activity in the region in the post-pandemic stage is likely to prevent a much deeper pullback in the pair in the longer run.