Trading | 2 months ago
EUR/USD registered a sharp selling on Friday which was supported with the anticipation of the possibility of tapering of bond purchases by the Federal Open Market Committee.
Last week U.S. dollar strengthened against all major currencies in the world due to the Non-Farm Payroll jobs report which was released last Friday. As a result, Euro fell by 0.62% to trade at 1.1758 against the US dollar on Friday. This report posted a better-than-expected result and indicated a strong rise in the number of jobs in the United States for the month of July, surpassing all market expectations.
Due to this report, Euro continued to fall on Monday as well. The short term and medium-term technical outlook for EUR/USD is bearish as it is trending downwards. The relative strength index indicator value hovers near the oversold territory. Therefore, one must look for selling opportunities in EUR/USD near 1.17500 price level.
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