Pair has spent most of the last 2 days, trading in a tight range between 1.2780 support (38.2% retracement of the daily rally 1.1870/1.3330) and 1.2855 weekly high. Range had become even thinner ahead of US employment data, turning 4 hours indicators flat due to the lack of definitions. However the pair holds a slightly bullish tone: quoting above 200 EMA acting as dynamic support, and with 20 SMA under current price heading north; still, today’s data could distort all technical analysis. Watch for a break above that high, yet ignore spikes over the first 15 minutes after the news. Once settle above 1.2860/70 area, pair could towards 1.2930 next strong resistance area.
Downside has a first support around 1.2800, yet only under 1.2760 pair could turn more bearis, heading towards 1.2710 zone. However, being 80 pips above, a spike and bounce is possible, so again, we need to give the market to settle down, and confirm the break before taking any trading chance.
View Live Chart for the EUR/USD
Downside has a first support around 1.2800, yet only under 1.2760 pair could turn more bearis, heading towards 1.2710 zone. However, being 80 pips above, a spike and bounce is possible, so again, we need to give the market to settle down, and confirm the break before taking any trading chance.
View Live Chart for the EUR/USD
