EURUSD is currently trading at 1.08300 and we have noticed that time now to go long on this pair. Also technically this pair suggesting it might reach to 1.11500 level. Also NFP on the focus which is scheduled to publish today at the start of the NY session. We all know how much damage has done to the job sector in the US caused by the COVID-19 pandemic. EURUSD the most traded currency pairs in the world. This pair represents the world’s two largest economies and has faced the most volatility since the establishment of the euro in 1999. Let’s focus on the technical chart at the 4-hour timeframe.
We have seen a significant bounce for the bull to capitalize on the tradeline support at 1.07600. Also, this pair was able to close above 1.08000 on Thursday. At 4 hour timeframe, we have seen a nice bullish pin bar was formed which is suggesting bull might take place and ready to challenge the next resistance at 1.08900 and 1.09500 respectively.
If we looked at the daily chart this pair got strong support from the tradeline at 1.07600 level. As long as this support intact we might see bull will take place to move the pair higher to 1.09500 and even to 1.11500 for the coming weeks. On the other hand, if the support breaks we might see some more selling pressure and pair could move below 1.06000 for the coming weeks. Right now we are bullish on EURUSD.
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This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.