The Euro
versus the Dollar had a good rally today and it accelerated its bullish
momentum after breaking above the 1.0800 level. After the pair visited the
1.0900 level, it stalled its rally and it is currently trying to bounce to the
down side. None the less, we can see that the bullish momentum is still in
place and another visit to the 1.0900 level raises the probabilities of the
pair breaking that level to the upside. If the price does break that level of
the 1.0900 to the upside, then a visit to the 200 exponential moving average on
the 4 hour chart (blue line) is possible, around the 1.0960 level where it
could find some resistance before getting to the 1.1000 level. But the Euro
will need to get a boost from a weaker than expected Nonfarm Payrolls for
tomorrow, because if the reading comes out better than expected, then the Euro
will have a difficult time heading higher.
1.0900 seems become very strong resistance.
ReplyDeleteIt could have found some resistance.
ReplyDeleteThe pair broke above 1.1000 after the NFP, if it breaks above 1.1050 it will likely reach 1.1200.
ReplyDeleteGood point! I'll be more careful with this theme.
ReplyDeleteVery useful information! Thanks.
ReplyDeleteWell done analysis.
ReplyDelete