Forex Journal

The pair is currently testing the breached resistance around 1.0680-1.0700 level which turns into support now, the pair topped yesterday at the main and pivotal resistance around 1.0750, while RSI continues to show bearish divergence over the four-hour timeframe, therefore, a bearish reversal is probable, but due to the expected volatility today as the NFP employment report is due to be released before the midday report, we will monitor price action after the release. The trading range for today is expected among the major support at 1.0500 and the major resistance at 1.0750

The short-term trend is to the upside targeting 1.1079 so long as 1.0130 remains intact.

Support: 1.0690, 1.0650, 1.0620, 1.0580, 1.0550
Resistance: 1.0750, 1.0780, 1.0800, 1.0825, 1.0850

Recommendation Based on the charts and explanations above, we recommend staying aside awaiting further confirmation

Ecpulse

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