Hi Traders!
Ahead of the NFP announcement later, EURUSD is trading near its weekly high in anticipation of possible weak jobs data coming out of the US.
Price Action 📊
The market's price action is currently bearish, largely due to the double-top pattern. The market recently had price rejections at the weekly high of 1.06750. That being said, we are currently still above the 20 EMA and must be wary of this.
Fundamental Analysis 📰
The US recently posted weaker than expected PMI figures and ADP Non-Farm employment change, and with the Fed not committing to further interest rate hikes, traders may back to being nervous about the US dollar again if the NFP number is weak.
Support 📉
1.06149: 20 EMA
1.05166: WEEKLY LOW
Resistance 📈
1.06750: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Ahead of the NFP announcement later, EURUSD is trading near its weekly high in anticipation of possible weak jobs data coming out of the US.
Price Action 📊
The market's price action is currently bearish, largely due to the double-top pattern. The market recently had price rejections at the weekly high of 1.06750. That being said, we are currently still above the 20 EMA and must be wary of this.
Fundamental Analysis 📰
The US recently posted weaker than expected PMI figures and ADP Non-Farm employment change, and with the Fed not committing to further interest rate hikes, traders may back to being nervous about the US dollar again if the NFP number is weak.
Support 📉
1.06149: 20 EMA
1.05166: WEEKLY LOW
Resistance 📈
1.06750: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Weaker than expected NFP data caused an increase in pressure to the US dollar. The market broke above the weekly high.