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Technical Analysis Report - EUR/USD

08/08/2016 // 06:34:39 am

General outline:
On Friday, the USA published the NFP report and the labour market reported better-than-anticipated results. 
The peers of USD like euro, pound and yen fell  on the back of the strong jobs data.

Present scenario:

The pair had a red day and bears are controlling the market. The EUR/USD dropped below the 1.1130 mark. The resistance is observed at 1.1130, the support lies at 1.1050.

Sell signals are generated by the indicators. MACD moved into the  negative territory. The  decrease in the histogram indicates the strength of the sellers. RSI moved close to the oversold area.

In the 4 hours chart, the instrument breached the 50, 100 and 200 EMAs earthwards  and then bounced back. The price closed the day between the 100 and 50 EMAs. 

Trading commendations:
The mood of the market is bearish. The pair is expected to move towards the strong psychological level 1.1000.

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