The
pair is up for third consecutive week and the price is developing around its
yearly high. As there no signals for upward exhaustion, the rally might extend
to the critical 1.20 level.
The most important event that will stir the market today is the Non Farm Payroll (NFP) numbers that will be released later today and this could significantly impact the greenback.
Technical indicator on the four-hour time frame are showing bullish signs. The price is moving above its uptrending moving averages. RSI is nearing 70 but has lost directional strength. Stochastic has turned sharply to north and is also aiming overbought area.
A soft outcome of the jobs data will push the pair to 1.1910 with second bulls target at 1.2040.
The most important event that will stir the market today is the Non Farm Payroll (NFP) numbers that will be released later today and this could significantly impact the greenback.
Technical indicator on the four-hour time frame are showing bullish signs. The price is moving above its uptrending moving averages. RSI is nearing 70 but has lost directional strength. Stochastic has turned sharply to north and is also aiming overbought area.
A soft outcome of the jobs data will push the pair to 1.1910 with second bulls target at 1.2040.
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