The
greenback gathered momentum in the US session after the better than expected US
data and the hawkish tone from the Fed’s speakers. Adding to the big picture the
ECB's meeting minutes which hit the single currency, the EUR/USD pair was seen
gravitating around 1.1700 level. On the four hour time frame the price has crossed
to below its bearish 20-day SMA, while the 200-day SMA has moved above the
100-day SMA (also bearish). Stochastic has turned sharply to south and is
displaying strong bearish momentum. RSI is starting to recover from the extreme
oversold territory and is currently located at 35. Ahead of NFP tomorrow the
pair is vulnerable to extend its decline in case of strong numbers.
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