EURUSD pair bounced back from 23.6% Retracement level on dollar's weakness but struggling too much against the resistance which has been blocking the pair for two weeks. The rally in the EURUSD looking exhausted again ahead of strong resistance and the pair might go down again from the current levels. I expect a move towards 61.8% fibo level before any other upward move. It looks highly unlikely for now to break 1.1250-1.1300 level because momentum indicators have already been giving warning signals towards a down move for the past couple of weeks plus the rally has already ran out of steam. RSI is making lower highs plus Double Top has been formed as you can clearly see in the chart. This is not the time to be bullish on EURUSD as the dollar can gain strength anytime in this week and I believe this week to be the reversal week for EURUSD. NFP figures are due on Friday and volatility is expected to very high so, traders should trade wisely and cautiously. I expect healthy NFP figures to be printed on Friday.
I would strongly recommend to SELL the pair from current levels (1.1240) with the stop loss above 1.1300 and the targets should be at 1.10800, 1.0950 and finally at 1.0850.
Keeping that in mind I wish you good luck in your trading for the coming sessions.
I would strongly recommend to SELL the pair from current levels (1.1240) with the stop loss above 1.1300 and the targets should be at 1.10800, 1.0950 and finally at 1.0850.
Keeping that in mind I wish you good luck in your trading for the coming sessions.