Exclusive EUR/USD Analysis 09.01.2017

EUR/USD Consolidation in Progress

Low NFP but good wages and full employment boosted the USD on Friday. The EUR/USD has been rejected from its highs as presumed and currently it is consolidating in 1.0620-1.0450 range. Consolidation is also confirmed by low ATR for the last 14 days. 1.0610-20 is the interim resistance and should still reject the upside. However should it break the EUR will proceed to 1.0650-70 POC zone (Historical sellers, complete fib retracement of the last swing). Targets are 1.0500 and 1.0465. So from intra week perspective, traders should be focused on 1.0610-20 rejections and if the zone breaks then next selling zone is 1.0650-70.

EUR/USD Chart
EUR/USD Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

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Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.