EUR/USD trades in narrow range, market eyes NFP data
•Major support – 1.1100
•EURO is consolidating after hitting 1.12566 and declined slightly till 1.12020 (21 4H EMA). The pair bullish continuation can be seen only above 1.12675. It is currently trading around 1.1220.
•Markets await U.S NFP data which is to be released today for further direction. U.S economy is expected to add only 175K jobs in the month of May compared to 211K in the Apr. Any slight disappointment in the Non-Farm payroll data will take the EURUSD to recent high of 1.12675. Any violation above 1.12678 yearly high will take the pair to next level till 1.1300 Nov 2016 high. The pair should close above 1.1300 for further bullish continuation.
•On the lower side, any break below 1.1100 (23.6% retracement of 1.105694 and 1.12678) will drag the pair down till 1.1050/1.1000. The near term support is around 1.1180 (55-4H EMA)/1.1160.
It is good to buy on dips around 1.1180 with SL around 1.1200 for the TP of 1.1300/1.13660.
•EURO is consolidating after hitting 1.12566 and declined slightly till 1.12020 (21 4H EMA). The pair bullish continuation can be seen only above 1.12675. It is currently trading around 1.1220.
•Markets await U.S NFP data which is to be released today for further direction. U.S economy is expected to add only 175K jobs in the month of May compared to 211K in the Apr. Any slight disappointment in the Non-Farm payroll data will take the EURUSD to recent high of 1.12675. Any violation above 1.12678 yearly high will take the pair to next level till 1.1300 Nov 2016 high. The pair should close above 1.1300 for further bullish continuation.
•On the lower side, any break below 1.1100 (23.6% retracement of 1.105694 and 1.12678) will drag the pair down till 1.1050/1.1000. The near term support is around 1.1180 (55-4H EMA)/1.1160.
It is good to buy on dips around 1.1180 with SL around 1.1200 for the TP of 1.1300/1.13660.