EURUSD → Resistance Retest. Waiting for NFP

6 Okt 2023

EURUSD is retesting the trend resistance. The liquidity area may be tested before the publication of NonFarm Payrolls, which will form a surge in volumes

At the moment, from a fundamental point of view, EUR will weaken further as USD ( DXY ) is in a strong bullish trend amid tight monetary policy. Today's data will not change the fundamental background much, but it may affect it relatively.
From the technical analysis point of view, I am waiting for a retest of the trend resistance, possibly the price may strengthen to 1.0635, but with a medium-term downside prospect. The price is consolidating above MA-50 (on H4), most likely in the near future, before the surge of volumes, the market may go a little deeper (up). Local volume accumulation is above 1.057 and 1.0585.

Support levels: 1.05000, 1.0459
Resistance levels: upper channel boundary, 1.057 and 1.0585.

I am waiting for a retest of the resistance area followed by a medium-term decline to 1.05000 or 1.035

Regards R. Linda!