EUR/USD Price Forecast – Euro rallies after poor jobs number

The Euro initially pulled back during the trading session on Friday, but then shot straight up in the air as the United States released a horrible jobs figure. With that, the US dollar got hammered a bit, but we are still testing major resistance above.
Christopher Lewis
EUR/USD daily chart, June 10, 2019

The Euro initially pulled back during the trading session on Friday but found the 1.1250 level to be supportive enough to cause a bit of a bounce. By doing so, it looks as if we are testing a major resistance barrier above in the form of the 1.1325 region. That market level of course has been important more than once so therefore it’s all but impossible to imagine a scenario where we simply slice through it. However, that being said it’s interesting to see whether or not we can. If we get a daily close above there then I think it opens up the possibility of a move to the 1.1450 level over the longer-term.

EUR/USD Video 10.06.19

If we pull back from here, I anticipate that the 1.1250 level will probably offer a bit of support, extending down to the 1.12 level. The 50 day EMA slices right through the middle that region, so I think that although we are in the process of breaking out, it’s very likely that we will continue to see pullbacks in order to build up the confidence in the momentum. The 50 day EMA should be massive support, and therefore I think that we will continue to see a lot of support in that general vicinity. As long as we can stay above there, then you have to think that the market is trying to wind up momentum to finally break out to the upside. The question now is whether or not this has been a massive “W pattern?”

Please let us know what you think in the comments below

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