EURUSD TECHNICAL ANALYSIS

After the release of Non Farm Payrolls during New York session which showed worse data compared to last month’s data, we saw EURUSD rise.

Currently from the chart you can see that EMA 30 is acting as resistance, dynamic resistance to be precise.

We will have to observe how price behaves at this level before we can take a trade on the EURUSD.

A close on the H4 chart above the EMAs and there is high chance that EURUSD will rise further. Failure to close above dynamic resistance and we may see the pair testing lows again.

The pair has made a double bottom and that is giving the bulls more reason o continue to pressure this pair to the upside.

MACD histogram shows bullish pressure. In green and moving up.

There is bullish divergence in this H4 chart. We are seeing lower lows in price but MACD histogram is showing a higher low.

CONCLUSION

We are NEUTRAL on EURUSD until it gives a clear signal of the direction it want to go.

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Ardy Ismail

Lead Currency Strategist / Team Forexachievers