After the release of the Nonfarm Payrolls and Unemployment Rate reports, there was a boost in the growth of the US Dollar (USD), leading to a decrease in the EUR/USD exchange rate. This reaction was clearly reflected on the technical chart, as the price broke below the significant support level at 1.0800, indicating a strong signal for further depreciation of this currency pair.
Furthermore, the Relative Strength Index (RSI) is expected to continue its downward trajectory and may dip below the 50 level, indicating an increase in selling pressure in the market. The breach of the support level at 1.0800 could pave the way for a subsequent decline, nearing the next support levels at 1.0724 and subsequently at 1.0700.
Anticipated that in the current scenario, selling pressure will persist and the EUR/USD could face further downward momentum in the near future.
Furthermore, the Relative Strength Index (RSI) is expected to continue its downward trajectory and may dip below the 50 level, indicating an increase in selling pressure in the market. The breach of the support level at 1.0800 could pave the way for a subsequent decline, nearing the next support levels at 1.0724 and subsequently at 1.0700.
Anticipated that in the current scenario, selling pressure will persist and the EUR/USD could face further downward momentum in the near future.
