The NFP data
pushed the greenback down against the euro pausing a 2-day losing streak at
yesterday’s session. The Spain registered a 94,727 decrease in unemployment in June. The US June payrolls came out below expectations above 200,000. Whereas, the unemployment rate hit a 7-years low.
As we are
approaching the referendum, we have only one day left for trading before the event. As
per the sources, the Eurogroup is going to have meeting on coming Monday and leaders of the the eurozone’s countries will meet on July 8. FOMC meeting minutes are due on Thursday, July 9
view: Bulls: The pair has been managing to hold the 100Dsma successfully closing above that. The pair is trading
above 20Wsma 1.1030. In the daily chart, the pair lost all the moving averages except for 100Dsma. In the hourly chart, 20Dsma help bulls rebound from Monday’s lows.
The double top was placed between 1.1467 and 1.1437. The resistance is seen at 1.1180 50Dsma and strong resistance is seen at 1.1235. Until the price closes
below these, selling on rallies is valid. The pair has been hitting lower lows and
lower highs in the daily, H1, and H4 charts.
In case of a daily
close below 1.1030, bearswill push the pair towards 1.0800 and even further to
sub-level of 1.0500. Until the pair closes
below 1.1280, these levels are valid.
The max bulls can make is 1.1150 or 1.1180 at today’s session. Use raises to sell favoring today’s trend. Supports is found at 1.1070 and 1.1030. Selling is available below 1.1030 towards 1.1000, 1.0980, and 1.0960 initially. Later, it is likely
to extend towards 1.0900, 1.0850, and 1.0820. Intraday resistance is seen at
1.1120, 1.1160, and 1.1180. In case bulls manage to breach 1.1180, small
risky buying will be available towards 1.1200 and 1.1220.
The material has been provided by InstaForex Company – www.instaforex.com