As anticipated yesterday and earlier today, a possible rebound from range of 1.1140-1.1160 did end up in inverse head and shoulder formation.
The neckline was taken out at one go; courtesy of horrible US NFP figure. Even if we exclude the 36k job cut by Verizon, the non farm number would have fallen short of expectations. Unemployment rate dipped to 4.7%, but markets are paying little attention to it.
Dollar sell-off could continue on Monday as well. Thus, EUR/USD could take out 50-MA (daily) hurdle at 1.1308 and test supply around 1.1342-1.1376. However, hourly RSI has hit the overbought territory, hence further upside could be seen after sideways action.
The neckline was taken out at one go; courtesy of horrible US NFP figure. Even if we exclude the 36k job cut by Verizon, the non farm number would have fallen short of expectations. Unemployment rate dipped to 4.7%, but markets are paying little attention to it.
Dollar sell-off could continue on Monday as well. Thus, EUR/USD could take out 50-MA (daily) hurdle at 1.1308 and test supply around 1.1342-1.1376. However, hourly RSI has hit the overbought territory, hence further upside could be seen after sideways action.
