EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)

Euro

$EURUSD

The EURUSD finished sharply lower for the 3rd session running, falling to 1.1385 before settling at 1.1400.

Japan will resume activity after a 3 day holiday, although the reaction may be limited ahead of the release of the US NFPs (Nonfarm Payrolls) report early Friday.

Data has been mixed in the US, with some positive notes in jobs creation, but limited wages’ growth, this last, probably the sub-component that will define how the Buck ends the week.

A solid job’s report, with wages posting some interesting advances can spark near term USD gains, if they can be sustainable in time is yet to be seen.

From a technical point of view

EURUSD moved from extremely overbought to extremely oversold in 3 days, according to the 4 hours chart technical readings, with the price now well below its 20-Day SMA, and nearing the 100 and 200-Day SMAs, posting limited advances in the 1.1300/30 region.

The Key support for this session is the 1.1380, if broken on the NFPs report, can see the decline extending. The pair needs to regain the 1.1460 mark to be able to resume its Bullish trend, and end the week above 1.1500.

Support marks:1.1380 1.1330 1.1290
Resistance marks: 1.1420 1.1460 1.1500

Stay tuned…

Paul Ebeling

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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