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EURUSD overview 08.03.2021

EURUSD falls on dollar optimism.

EURUSD continues the multi-day slide as the investors are starting to focus more on the dollar amid the rising U.S. Treasury yields. The renewed dollar bullishness follows the earlier reports showing that non-farm payrolls surged by 379,000 jobs last month while the U.S. Senate approved President Joe Biden’s $1.9 trillion recovery package. With the U.S. labour and America accelerating its immunization, administering a record number of vaccines this weekend – dollar is seen as the winner in the relative chase to stop the epidemic consequences. U.S. yields reached one-year high above 1.62% while German yields dipped nearly 5 basis points last week, – adding to the bearish pressure on EURUSD.

Expect sellers on upward corrections.

Next support to watch – 1.1800

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