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EUR/USD: pulling-back in mini-up-trend

   
The mini-up-trend which has been rising since the May 27 lows has pulled back after touching resistance at the R1 Monthly Pivot.

The pull-back may have completed now and the price could be about to renew its up-trend again. A break above the 1.1379 highs would probably confirm a continuation higher, to a target at 1.1466.

Today see’s the release of Non-Farm Payrolls, the most market-moving news event on the FX calendar, and so much volatility is to be expected.

There is a possibility the jobs data could prove positive and lead to an extension of the pull-back. In addition the pull-back looks possibly ‘incomplete’ with a ‘C’ leg missing. It’s possible this C leg could still unwind lower, with an eventual target at 1.1146. A move above 1.1310 would negate the pattern, however.

EURUSD05

   
The mini-up-trend which has been rising since the May 27 lows has pulled back after touching resistance at the R1 Monthly Pivot.

The pull-back may have completed now and the price could be about to renew its up-trend again. A break above the 1.1379 highs would probably confirm a continuation higher, to a target at 1.1466.

Today see’s the release of Non-Farm Payrolls, the most market-moving news event on the FX calendar, and so much volatility is to be expected.

There is a possibility the jobs data could prove positive and lead to an extension of the pull-back. In addition the pull-back looks possibly ‘incomplete’ with a ‘C’ leg missing. It’s possible this C leg could still unwind lower, with an eventual target at 1.1146. A move above 1.1310 would negate the pattern, however.

EURUSD05



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