EUR/USD Technical Analysis: US NFP send EUR/USD below 1.1600 figure

39
  • EUR/USD bears took the lead after the release of the Non-Farm Payroll which came better than expected at 201K vs. 191K expected. EUR/USD bears are eager to resume the main bear trend but a clear break below 1.1530 key support will be needed. 
  • EUR/USD is currently trying to break below the 100 and 200-period simple moving averages while the market is creating a triangle (blue lines). 
  • In the short-term, the currency pair has a neutral to bullish stance as long as it stays above 1.1530. The reaction at 1.1530 will be crucial in determining the short-term trend. A bear breakout below the level would likely lead to an acceleration of the main bear trend towards 1.1508 (June 8 low).  

EUR/USD 4-hour chart


	EUR/USD Technical Analysis: US NFP send EUR/USD below 1.1600 figure

Spot rate:             1.1573
Relative change:   -0.42%  
High:                    1.1650
Low:                     1.1561

Main trend:                    Bearish
Short-term trend:           Bullish above 1.1600

Resistance 1:   1.1600 figure
Resistance 1:   1.1630 August 8 high key level
Resistance 2:   1.1654 August 27 high
Resistance 3:   1.1700 figure
Resistance 4:   1.1750 key resistance (August)

Support 2:   1.1572 July 19 low
Support 3:   1.1542 supply/demand level
Support 4:   1.1530 August 23 swing low
Support 5:   1.1508 June 8 low

LEAVE A REPLY

Please enter your comment!
Please enter your name here