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Technical Analysis Report - EUR/USD

05/09/2016 // 06:08:31 am

General outline:

The dollar lost some grounds after U.S payrolls report. It appears that the Fed may postpone the rate hike because of the weak labour market report.

Present scenario

Volatility exists in the market. Buyers forced the price from the mark 1.1190 towards the resistance 1.1270 and then the pair dropped back to the opening price level. The resistance is observed at 1.1200, the support exists at 1.1130.

The currency pair, EUR/USD , is below 50, 100 and 200 EMAs which are following a declining trajectory in the 4 hours chart. The moving averages are showing a sell signal.

The MACD continues to remain at the same level which confirms the strength of sellers. RSI is moving closer to the negative territory.

Trading commendations

The pair appears to be bearish at the moment. A move below 1.1130 will strengthen the  positions of the sellers.

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