EUR/USD Slips Below 1.0800 Amid Dollar Strength: Outlook

EUR/USD Consecutive Drop:

📉 The EUR/USD faced its fourth consecutive drop.
📉 Slipped below the 20-day SMA and hovered above the 1.0800 mark.
US Dollar Strength and Speculation:

💪 The US Dollar gained strength before pivotal labor market data.
🤔 Speculation around the ECB potentially cutting rates before the Fed intensified the downward trend.
Euro's Retraction and Expected Volatility:

📉 Retracted from recent highs above 1.1000.
🌐 Movement seems somewhat exaggerated, with expected sustained volatility.
Upcoming Key Releases:

📊 Market focus shifts to key releases, including Eurostat's PPI and PMIs.
🇺🇸 In the US, attention on JOLTS, ISM Services PMI, ADP employment data, Jobless Claims, and Nonfarm Payrolls later in the week.
Monday's Market Movement:

📉 On Monday, the EUR/USD experienced a downward movement.
🔽 Created a push to the lower band of the Bollinger Bands.
Current Price Analysis:

⬆️ Currently, the price is moving slightly above the lower band.
⬆️ Suggesting a potential upward movement, potentially reaching the middle band before going back lower.
Relative Strength Index (RSI):

⚖️ Notably, the Relative Strength Index (RSI) maintains its position at 31.
🐻 Signaling a bearish outlook for this currency pair.
Key Technical Levels:

🚧 Resistance levels: 1.0880, 1.0945.
📉 Support levels: 1.0835, 1.0760.