EUR/USD was trading slightly above the 1.2240 mark early on Friday, being restricted by the 38.20% Fibo retracement.
This sentiment changed in favour of bulls mid-session in response to rather disappointing US employment data. Upside risks likewise prevailed during the following hours, thus sending the pair towards the upper boundary of a short-term channel and the weekly PP circa 1.2280. As a result of this upside movement, the Euro has likewise formed a retracement from the previously-breached senior channel.
Technical indicators are more bearish for today, thus suggesting that the combined support of the 55– and 100-hour SMAs near 1.2275 is more likely to be surpassed than the 200-hour SMA at 1.23. The latter is also reinforced by the monthly PP at 1.2320.
