EUR/USD Close to Double Bottom

EUR/USD went down on Friday despite the negative result from the latest Jobs report. The report indicated that new jobs created amounted to 261k, a miss from the expected 310k. Some analysts even predicted 400+ taking into account the latest developments from the hurricane that hit California.

The initial reaction in the US dollar was a sell of as the pair went as high as 1.1690 and stayed there a few minutes after the news only to fall down below prior-to-news level of 1.1655.

The reign of the Euro seems to have went through a tipping point as for the past few weeks the trend has been turning bearish. Current price is now 1.1596, down from 1.1620.

Strong short term support is seen at the previous bottom at 1.1574. If price finds enough buyers at that level we would have a double bottom and a bullish target at 1.17.

Chart: EUR/USD H4