Our take on the EUR ahead of NFP...
Bolstered by a relatively weak dollar yesterday, the EUR bulls took charge going into the U.S. session and rallied through H4 supply at 1.0903-1.0928 into a H4 resistance area at 1.0937-1.0984. For anyone still long from the H4 Quasimodo zone at 1.0809-1.0826, now may be a good time to think about banking the majority of your position since the single currency could take a more southerly approach today. Not only is price sitting within a H4 resistance area right now, but there’s also a daily resistance level at 1.0955 currently in play, supported by a weekly resistance at 1.0983 lurking within the upper limit of the aforementioned H4 area.
Therefore, from a technical standpoint, we’re expecting a move lower, but, at the same time, are also prepared for a fakeout above to the large figure 1.1000 before this happens. Personally, we’d prefer to wait for the fakeout to occur before trading this pair, since this increases risk/reward dramatically down to target one (H4 demand at 1.0903-1.0928) and also due to the volatile NFP taking center stage later on today!
Therefore, from a technical standpoint, we’re expecting a move lower, but, at the same time, are also prepared for a fakeout above to the large figure 1.1000 before this happens. Personally, we’d prefer to wait for the fakeout to occur before trading this pair, since this increases risk/reward dramatically down to target one (H4 demand at 1.0903-1.0928) and also due to the volatile NFP taking center stage later on today!
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