US dollar kept getting stronger

13 February, 2017

French Non-Farm Payrolls showed strong data, however, the euro ignored these figures. The common European currency is under pressure amid growing political risks related to the Presidential elections in France. The upcoming elections in Germany. Netherlands andItaly give additional pressure on the euro. Moreover, the US Dollar price-dynamics is underpinned by Trump upcoming tax reform plan.

Current situation

The US dollar kept getting stronger on Friday. After a night light recovery the euro kept losing its value in the European session. Traders broke the level 1.0650 and continued pushing the price lower in the NY session. The EURUSD pair broke the 200-EMA in the 4 hours chart. The 50 and the 100-EMAs remained bearish-neutral while the 200-EMA was bullish in the mentioned timeframe. The resistance is at 1.0650, the support comes in at 1.0600.

The MACD histogram decreased which is a sell signal. RSI left the neutral territory and stayed within the oversold readings favoring a new move lower.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 1.0600. A close below the mentioned support could additional weakness towards 1.0550.

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