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The EUR/USD pair is dropping after trying to retest the 1.0757 key level. The USD is bullish as the Dollar Index seems determined to climb back higher. The DXY reached 101.64 - 101.74 support zone and now it looks determined to come back higher.
Fundamentally, the USD received a helping hand from the US Nonfarm Employment Change that was reported at 390K in May versus 325K estimates. Unfortunately, the Unemployment Rate remained at 3.6%, even though economists predicted a downtick to 3.5%, while the Average Hourly Earnings rose only by 0.3% versus 0.4% expected. In addition, the ISM Services PMI and the Final Services PMI came in worse than expected as well.
The EUR/USD pair rallied in the short term after finding support at 1.0641. Now, it has found resistance at 1.0757 and it seems determined to drop again. 1.0697 stands as an immediate downside obstacle.
As you can see on the H4 chart, the currency pair is trapped between 1.0641 and 1.0786 levels. I told you in my previous analysis that EUR/USD could bring new opportunities after escaping from the current range.
As long as it stays under the 1.0757 key level, EUR/USD could come back down. Still, only a valid breakdown below the 1.0641 could activate a larger downside movement and could bring great selling opportunities.
A new higher high could announce an upside continuation. Jumping, closing, and stabilizing above the 1.0786 announces more gains.
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