EUR/USD Bulls Shortchanged on Dollar Strength
It might be expected that we are headed for a 5th trading day of losses
for the single currency, starting out wrong footed after last week's
sell-off and in a continuation of the bearish theme.
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EUR/USD has otherwise been in a strong bullish trend, yet the combination of markets getting behind the dollar with nowhere else to run in dire global setting and profit taking, despite the poor nonfarm payrolls surprise, the single currency was left out of favour.
Valeria Bednarik has sighted the main support for the upcoming days at 1.1370, the 61.8% retracement of the same rally. "Technical readings in the 4 hours chart are biased lower within negative territory, while the 20 SMA has turned sharply lower above the current level. The pair needs to recover above 1.1460 to recover its previous bullish tone and have the chance to extend its gains up to 1.1710."