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