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EUR/USD had a negative day on Friday


8 August 2016

The USA published the NFP report on Friday. The labour market report came in better than forecasted. The euro, pound and yen fell versus the dollar on the back of the strong jobs data.

Current situation

The pair had a negative day on Friday. Bears gradually gained more overall control. The EUR/USD dropped back below 1.1130 mark on much better than expected U.S Nonfarms Payroll. The euro had a sharp drop and found a strong support at the level of 1.1050. The resistance is seen at 1.1130, the support stands at 1.1050.

The indicators generate a sell signal. MACD entered the negative area. The histogram decreased which indicates the sellers’ strength. RSI approached the oversold area.

In the 4 hours chart, the instrument broke the 50, 100 and 200 EMAs downwards at first but grew later back. The price closed the day between the 100 and 50 EMAs. The moving averages are turning downwards.

Trading recommendations

The trend is clearly bearish for now. We expect a decrease towards the strong psychological level 1.1000.

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