EUR/USD Cross Looming at Support
The week ahead will be full for US dollar from ISM manufacturing report to NFP data. Friday profit taking made some retracement in EUR/USD but again, we need to take it in the context of downtrend. If we consider historical sellers as always important factor in technical analysis, we will see that EUR/USD is attempting to reach the zone that is marked on the chart as POC.
POC zone comes within 1.0988-1.1018 (88.6, H3, trend line, historical sellers). First target is 1.0945. Should EUR proceed lower 4h close or 1h momentum below 1.0895 is needed for another retest of 1.0850. Break of 1.0850 aims for 1.0830-00. Any dollar news will also reflect on the pair so pay attention to this week’s calendar too.
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.