EUR/USD Confirms Bearish Divergence

The US dollar further recovers after the ADP showed nearly a million jobs added last month.

A bearish RSI divergence in the supply area (1.2255) was a forward warning that the previous rally was losing steam.

The fall below 1.2185 suggests that the bulls may start to unwind their positions. A brief rebound around 1.2200 saw strong selling interest. Sentiment has turned bearish and the drop below 1.2130 could trigger a broader sell-off towards 1.2070, the first support found on the daily chart.

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