Euro Vulnerable After Strong U.S. Data: 15-month uptrend exposed

Friday's robust U.S. jobs report bolstered the US Dollar, prompting the Euro to plummet to its lowest level in eight weeks. The current focus lies on potential downward movements, with key support levels identified at the 15-month uptrend around 1.0740 and the December 2023 low near 1.0724. The weak sell signal observed on the Directional Movement Index (DMI) suggests that these levels may hold during the initial test. The chart's negative bias persists as long as the Euro remains below the 55-day moving average, positioned at 1.0908.
This week, close attention should be paid to the critical support zones at 1.0740/24. A failure to hold at these levels is anticipated to trigger further downside movement, targeting the May 2023 low at 1.0635 initially and lower.

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