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Technical Analysis

PRE-NFP Coverage: EUR/USD Still Bullish But Watch The Wage Data


The NFP with Average Hourly Earnings data will be the most important today for the EUR/USD currency. The ADP missed the forecast (178k vs 187k) but it was revised higher - 191k. It implies that the NFP might not be the most important data today, but rather it will be the wage data. However, traders should be paying attention to both as the NFP might come close to 180k due to a lot of seasonal work, for tourism.

Technical analysis is showing a clear narrowing channel with a trend line that might become an inner trend line if broken to the upside. An upside break of 1.1890 should target 1.1905, 1.1932 and 1.1958. However if the price gets below the channel than POC 1.1835-50 (D L4, W H4, EMA89, ATR pivot) and/or POC2 1.1800-1.1810 ( W H3, ATR low, D L5) should provide potential rejections. The pair is still in uptrend so buying the dips could happen should the price retrace to POC zones.

Bulls should keep 1.1795 intact, as if it breaks it might be a signal for a potential reversal down to 1.1700.

Author: Admiral MarketsWebsite:
Admiral Markets
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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