Weekly Technical Chart- EUR/USD

3 Eyl 2017

The EUR/USD pair jumped to 1.1979 following the release of the US Nonfarm Payroll August report. The pair however, changed course quickly on headlines reporting that the ECB won't be ready to taper QE until December, which seems a desperate move to keep the pair below the 1.2000 level. Now struggling around 1.1900, the 4 hours char shows that the pair was unable to settle above a bearish 20 SMA, whilst technical indicators remain within negative territory, losing upward strength. Below 1.1880, the short term risk turns towards the downside, with scope then to retest this week low of 1.1822/1.1760. We can see fall towards 1.1700.