EUR/USD Attention On A Break Below 1.18!
EUR/USD seems undecided after the US Non-Farm Payrolls data. It‘s traded at 1.1831 and I really believe that we’ll have a clear direction in two, three days. Technically, the bullish bias remains intact as long as the rate stays within the up channels body and above 1.18 psychological level.To get more news about WikiFX, you can visit wikifx official website.
The Non-Farm Employment Change indicator was reported at 1371K, the Unemployment Rate dropped from 10.2% to 8.4% in August, while the Average Hourly Earnings rose by 0.4%, beating the 0.0% estimate.
The USD was somehow expected to appreciate versus its rivals after the good economic figures. It remains to see how the USDX will react during the day, a further growth followed by the breakout of 93.24 could announce a broader upside movement and EUR/USD correction.
USDX tries to continue its rebound but is facing a tough resistance at the minor downtrend line, Falling Wedges resistance. Still, the index shows some positive signs after closing above the upside 50% Fibonacci line.
Friday‘s false breakout with great separation above the minor downtrend line signals that the sellers are still in control. Only a jump and close above 93.24 Friday’s high will really confirm a short term reversal.
You should be careful because another false breakout today followed by a drop below 92.55 static support will announce a deeper drop. EUR/USD stays within the minor ascending channel, so it maintains its bullish outlook. The price has registered only two false breakdowns with great separation below 1.18 psychological level signaling strong bullish pressure around this downside obstacle.
Yet, the pair could still come back to pressure the 1.18 level, that‘s why I’ve said that the next days could be crucial. A valid breakdown from the up channel and below 1.18 could suggest selling, while another bullish momentum followed by a valid breakout above the second warning line (WL2) will bring a long opportunity.
A bearish reversal will be confirmed by a drop and close below 1.17 psychological level. Stochastic and RSI show a bearish divergence on the Daily chart but we need another lower low, drop below 1.1781 Fridays low to confirm a further drop in the short term.
The 250% Fibonacci line represents strong dynamic support. Today, the greenback could take the lead again as the German Industrial Production indicator has increased only by 1.2% in July, less versus 4.5% estimate.
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