EUR/USD: Daily Recommendations On Major

Where Forex Never Rests • Sep 8, 2021 at 8:58 AM EDT

Near term, oversold condition should keep price above 1.1757.

Yesterday's break of 1.1856 low to 1.1838 due to broad-based USD's strength on the back of rally in U.S. yields suggests recent upmove from August's 1.1664 bottom has made a temporary top at Friday's 1-month peak at 1.1908 and stronger retracement is seen, however, near term, o/sold condition should keep price above 1.1757 (61.8% r from 1.1864).

On the upside, only above 1.1884/86 res signals pullback has ended and yields re-test of 1.1908 later today or tomorrow.

Data to be released on Wednesday:
Japan current account, trade balance, GDP, Eco watchers outlook, Eco watchers current.
France non-farm payrolls, current account, trade balance, imports, exports, Italy retail sales.
U.S. MBA mortgage application, redbook, JOLTS job openings, Canada BoC interest rate decision and Ivey PMI.

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