EUR/USD is trading steadily in today's session after it depreciated a bit in yesterday's session. On Friday, the pair lost some 200 pips from its price going from 1.1360 to 1.1155. It has somehow recovered and the pair is now 1.1173. Although it is now below the resistance level of 1.1180, market participants are anticipating the NFP data on Friday and that is the reason price may consolidate at current level.
Range trading might be expected to go in between 1.12 and 1.1160. If the US data is better than expected then it will be confirmed that the resistance line has successfully managed to hold price in the downtrend channel. If not, USD bears will drive the price up to a possible first target at 1.14, which is slightly higher than previous high.
Chart: EUR/USD H1
Very helpful analysis, thank you.
ReplyDeleteThe move to the downside is likely to continue.
ReplyDeleteThe pair is still very bearish.
ReplyDeletePressure on the downside.
ReplyDeleteDowntrend still in place.
ReplyDeleteGood post!
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteThank you for the analysis.
ReplyDelete