Although the past trading week provided us with some crazy moves, it did a lot more than that. The EUR/USD formed a nice range, a break of which should produce a sustained move either up or down. The pair closed the week at 1.3003, practically unchanged, down only 8 Pips from the previous week’s close. Please look at the 4 Hour chart below. The yellow rectangle marks the range the Euro has settled into the past 2 weeks. The low of the range is at 1.2954, the high is at 1.3160. A sustained break of either the low or the high should provide us with a nice directional move. However, taking into account the fact that the EUR/USD has been in a sustained downtrend since the start of February, a break to the downside is a lot more likely. Let’s look at the bigger picture on the Daily Chart. NFP Surprises to the Upside, Risk Assets Selloff The chart above shows that the single currency has been in a sustained downtrend since marking a swing high of 1.3710 on February 1. It reached a low of 1.2954 last week, on the back of the important US jobs report. The report came in lot better than expected, printing a gain of +236,000 jobs versus an expected gain of +162,000. The revisions lowered las…
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