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.
Fed hike forecasts set back - Nomura
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.
EUR/USD levels
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."
