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Euro might pullback further amid USD recovery – EUR/USD Market Outlook – 10/08/2020

The Euro dropped below 1.18 after the biggest single-day loss in over four months triggered by the much better NFP figures on Friday. The oversold Dollar found some bids amid the strong jobs data as it could signal the Fed to stop or reduce the liquidity injection. On Saturday, President Trump signed executive orders that would provide an extra $400 per week in unemployment benefits to the tens of millions of Americans who lost jobs in the pandemic. If the fiscal deadlock prolongs in Washington over an additional coronavirus support package, the oversold Dollar may draw further haven bids and push the Single currency towards 1.17, as long as price remains below the 1.18 and the 50-period SMA.

Support: 1.1760 / 1.17
Resistance: 1.18 / 1.1840

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Monday, 10 Aug, 2020 / 7:20

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/euro-might-pullback-further-amid-usd-recovery-eur-usd-market-outlook-10-08-2020

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