EUR/USD exit its range soon [Video]

Olimpiu Tuns Learn 2 Trade

The EUR/USD pair was traded in the red at 1.0671 at the time of writing. It has slipped lower as the Dollar Index has managed to rebound after the US Non-Farm Payrolls data. The NFP indicator came in at 390K versus 325K expected. Today, the Euro took a hit from the Euro-zone German Factory Orders which reported a 2.7% drop versus 0.4% growth forecasted. Later, the US Trade Balance is expected at -89.6B versus -109.8B in the previous reporting period. Still, the ECB on Thursday and the US inflation data on Friday are seen as the most important events of the week.

From the technical point of view, the EUR/USD pair found resistance at 1.0757 and now it could approach and reach the 1.0641 key support. After dropping below the uptrend line, the currency pair was somehow expected to develop a new downside movement. Still, only a new lower low could really activate a larger sell-off. As you can see on the H1 chart, the pair is trapped within a range pattern between 1.0641 and 1.0786. Only staying above the 1,0641, registering false breakdowns may signal a new bullish momentum and could invalidate the bearish scenario.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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