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EUR/USD collapses after the strong NFP print

IronFX UUIIFXBR
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EURUSD plunged after nonfarm payrolls rose by more than anticipated in February. The pair dipped below the support (now turned into resistance) barrier of 1.0915 (R1), marked by the low of the 5th of September 2003. During the early European morning Monday, it’s trading slightly above the support line of 1.0800 (S1), where a decisive break could set the stage for extensions towards the next obstacle at 1.0700 (S2), marked by the low of the 11th of April 2003. Our technical oscillators detect accelerating downside speed and amplify the case for a lower EUR/USD. The RSI stands within its oversold territory and is pointing down, while the MACD lies below both its zero and signal lines, and points south as well. With regards to the broader trend, I believe that the pair is still in a downtrend. EURUSD is printing lower peaks and lower troughs below both the 50- and the 200-day moving averages.

• Support: 1.0800 (S1), 1.0700 (S2), 1.0565 (S3).

• Resistance: 1.0915 (R1), 1.1000 (R2), 1.1100 (R3).

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