Last week's Non-Farm Payroll data surprised the world. The July non-farm employment report in the United States "exploded", raising investors' expectations that the Fed will reduce debt purchases; Federal Reserve Vice Chairman Clarida publicly issued unexpected hawkish remarks on reducing debt purchases and raising interest rates which suppressed Euro. Eurozone data German industrial orders data is relatively weak. The market is currently under the influence of the rising dollar after the US data, which puts pressure on commodities and non-US currencies across the board.
From a technical point of view, Euro has vomited out all the strengthening for the past one month. On Friday, the daily candle formed bearish marubozu candle and broke a new low since July. The market bearish sentiment is extremely heavy. H4 graph showed that EURUSD formed a downward gap, and the indicators were bearish across the board. Overall prioritize selling at high prices on the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near 1.1740
Resistance：1.1770-1.1800-1.1830
Support：1.1740-1.1700-1.1650
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