Admiral Markets - Analytics

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    EUR/USD getting close to key resistance

     

    The EUR/USD had a huge momentum candle after worse than expected NFP report on Friday. The pair broke through 4h trend line above 1.1220 confluence zone and is heading towards key resistance zone. If the pair gains momentum above 1.1370 it could reach 1.1418-50 POC zone (61.8, historical sellers,bearish order block). The zone could be used for selling and the pair should drop if the zone is reached. Targets are 1.1360 and below - 1.1295 and 1.1220 as the final target for the bearish move. Have in mind that 1.1360 zone is also a resistance (50.0, near term sellers) and the pair could also find some selling there.

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