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EURUSD overview 06.08.2021

EURUSD falls after strong U.S. payrolls.

EURUSD under strong bearish pressure today – on widespread US dollar bullish sentiment – after the Labor Department’s jobs report showed the U.S. economy added 943,000 jobs in July – much higher than economists’ expectation of 870,000. In addition to this, wage growth accelerated to 4% YoY, also beating the estimates. This trigged the massive dollar buying across all of the linked currency pairs. The pair is also driven down by moderate euro bearishness on reports of delta hotspots forming across the Eurozone. Euro sentiment was also hurt when it was reported that seven residents of a nursing home in Belgium have died after being infected with the Colombian variant of the coronavirus, despite being fully vaccinated.

Expect sellers on upward corrections.

Next support to watch – 1.1754

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