EUR/USD:
Daily perspective:
The support area at 1.1479-1.1583 is still in play. Thursday’s movement chalked up a reasonably strong bullish rotation candle, though Friday’s action formed a concerning indecision formation off local resistance circling the 1.1530 area.
H4 perspective:
Friday’s non-farm payrolls rose 134k in September, below the expected 185k. Average hourly earnings came in line at 0.3%, while the unemployment rate fell slightly and came in at 3.7%, a tad below the 3.8% consensus. The aftermath of the US job’s numbers witnessed an immediate decline to lows of 1.1483. However, the move was a short-lived one as price swiftly recovered to highs of 1.1549: the session high for the day.
Areas of consideration:
Intraday, however, has the H4 candles eyeing its resistance zone mentioned above at 1.1580-1.1563. In view of its surrounding confluence on the H4, and the fact weekly price is likely to probe as low as 1.1445 this week, a short from 1.1580-1.1563, with stops tucked above its range at 1.1582, could be an option today/early week.
Today’s data points: Limited data; US banks closed in observance of Columbus Day.
Daily perspective:
The support area at 1.1479-1.1583 is still in play. Thursday’s movement chalked up a reasonably strong bullish rotation candle, though Friday’s action formed a concerning indecision formation off local resistance circling the 1.1530 area.
H4 perspective:
Friday’s non-farm payrolls rose 134k in September, below the expected 185k. Average hourly earnings came in line at 0.3%, while the unemployment rate fell slightly and came in at 3.7%, a tad below the 3.8% consensus. The aftermath of the US job’s numbers witnessed an immediate decline to lows of 1.1483. However, the move was a short-lived one as price swiftly recovered to highs of 1.1549: the session high for the day.
Areas of consideration:
Intraday, however, has the H4 candles eyeing its resistance zone mentioned above at 1.1580-1.1563. In view of its surrounding confluence on the H4, and the fact weekly price is likely to probe as low as 1.1445 this week, a short from 1.1580-1.1563, with stops tucked above its range at 1.1582, could be an option today/early week.
Today’s data points: Limited data; US banks closed in observance of Columbus Day.
