EURUSD Technical Overview And Key Levels

Traders are focused on NFP. Considering USD’s recent strength, investors are positioning for a stronger labour-market number but there’s also plenty of room (in wage growth and the jobless rate) for a downside surprise, which makes trading NFP this month particularly difficult.

Technical Key Levels:

We want to keep it simple for you. As shown in the H4 Chart:

EURUSD is below EMA 50, 100 and EMA 200. Golden Cross is very close. RSI is oversold. However, in the daily chart, RSI has room downside.

The main resistance zone – orange coloured- is 1.23000 – 1.23300. Above the resistance zone, 1.23600 will be the key level for the continuation of the upside move.

Below the current level, 1.22080 – 1.21780 ( Red Coloured ) zone is the main support. Break below this support will carry the price 1.21090 – 1.20900.

1.20900 was the breakout of the bullish triangle. 450 pips bullish move had started after the breakout of 120900. This level is likely to play a key support role. If EURUSD breaks below 1.20900, we can start to speak about a trend reversal and 1.17000.

Our Latest Trade EURUSD Ideas are attached.

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