Current trend
EUR is declining against USD during the Asian session, updating local lows since July 28 and preparing to end the week with a moderate decline. However, market activity will remain strong as investors focus on the July US labor market report due today.
Attention to the upcoming publication has been increased in part because the US Federal Reserve Vice-Chair Richard Clarida said earlier that the regulator could begin to cut stimulus as early as this year if the pace of economic recovery does not slow down amid rising incidence of coronavirus. It is also worth noting that traders were somewhat disappointed with the ADP report on private sector employment, which reflected a sharp slowdown in the growth of new jobs in July from 680K to 330K, which did not meet the optimistic forecasts and expectations.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD reversed into a descending plane, having formed a weak sell signal (located below the signal line). Stochastic retains steady downward direction but is located in close proximity to its lows, which indicates the risks of oversold EUR in the ultra-short term.
Resistance levels: 1.1849, 1.1900, 1.1950.
Support levels: 1.1800, 1.1751, 1.1700.
EUR is declining against USD during the Asian session, updating local lows since July 28 and preparing to end the week with a moderate decline. However, market activity will remain strong as investors focus on the July US labor market report due today.
Attention to the upcoming publication has been increased in part because the US Federal Reserve Vice-Chair Richard Clarida said earlier that the regulator could begin to cut stimulus as early as this year if the pace of economic recovery does not slow down amid rising incidence of coronavirus. It is also worth noting that traders were somewhat disappointed with the ADP report on private sector employment, which reflected a sharp slowdown in the growth of new jobs in July from 680K to 330K, which did not meet the optimistic forecasts and expectations.
Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is narrowing, reflecting the emergence of ambiguous dynamics of trading in the short term. MACD reversed into a descending plane, having formed a weak sell signal (located below the signal line). Stochastic retains steady downward direction but is located in close proximity to its lows, which indicates the risks of oversold EUR in the ultra-short term.
Resistance levels: 1.1849, 1.1900, 1.1950.
Support levels: 1.1800, 1.1751, 1.1700.