The EUR/USD pair has been trading in a broad range since the 23rd of May 2016, with the price ranging between the levels of 1.1221 and 1.1098.
The major went back and forth on Thursday, reaching the daily high of 1.1221 to subsequently drop down to 1.1155, after the ECB shocked the markets with a conservative approach and marginal revisions to growth forecasts and inflation. Today the pair traded sideways, consolidating around 1.1151 ahead of today’s Non-farm payrolls report and the rest of the labour market figures.
In the event that the price breaks below the bottom of the range at 1.1098, the pair could find support at 1.1055 and 1.1023 in extension.
Alternatively, in the scenario where the price breaks above yesterday’s highs of 1.1221, the pair could go up to 1.1250 and 1.1270 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.