After the ECB meeting, EURUSD had a bullish reaction, performing a consolidation above the psychological price zone of 1.0600, which was critical to the overall bias in this pair.
This Friday, December 4th, will be released the US Non-Farm Payrolls, which will be the last of this year, and due to the strong pullback that had the US dollar during Thursday’s session and after ECB meeting, the eyes are now focused on the greenback, prior to US NFP release.
Valeria Bednarik, Chief Currency Analyst at FXStreet, thinks that “the US dollar trades generally lower, particularly against its European rivals, and it will take quite a strong Payroll report to see the greenback recovering the ground lost.”
Technically, we should see first a breakout above the 1.1000 level in order to see new highs towards the 1.1100 zone, which would be our short-term target. In a bearish scenario, corrective moves should extend towards the 200 SMA at H1 chart (near to 1.0650 level).
MACD indicator at H1 chart is still moving on positive territory.
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Hot Features
Premium
Register for streaming realtime charts, analysis tools, and prices.
