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  • The Euro is weak as USD is gaining momentum across the board.
  • On the way down levels to watch can be seen at 1.1217 and 1.1160.

EUR/USD daily chart

EUR/USD is trading below its main daily simple moving averages (DSMAs). The June’s Nonfarm Payrolls was the best reading since January. The US economy added 224K jobs vs. 160K. As a result, analysts think that the Federal Reserve might be less agressive in cutting rates.

EUR/USD 4-hour chart

The market reached 1.1217 support where it is now enetreing a consolidation. 1.1217 is the level to beat for bears in order to get to 1.1160, according to the Technical Confluences Indicator.

EUR/USD 30-minute chart

The market remains under bearish pressure however the consolidation could potentially extend to 1.1240. Further up lies the 1.1264 and the 1.1288 resistances, according to the Technical Confluences Indicator.

Additional key levels