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1 Apr 2016
EUR/USD: technically bullish despite nonfarm payrolls risk - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart for the EUR/USD, the technical indicators have turned lower within overbought territory.
Key Quotes:
"The pair has rallied with little corrections in the middle ever since the week started."
"The RSI indicator remains above 70, and the price far above a bullish 20 SMA, as the price holds above its previous yearly high of 1.1375, all of which maintains the risk towards the upside."
"The pair may suffer a downward knee-jerk on a very strong US report, particularly if wages surge beyond expected, but after the dust settles, speculative interest will be likely looking to buy the dips."
Key Quotes:
"The pair has rallied with little corrections in the middle ever since the week started."
"The RSI indicator remains above 70, and the price far above a bullish 20 SMA, as the price holds above its previous yearly high of 1.1375, all of which maintains the risk towards the upside."
"The pair may suffer a downward knee-jerk on a very strong US report, particularly if wages surge beyond expected, but after the dust settles, speculative interest will be likely looking to buy the dips."