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EUR/USD: Bounce could be seen as a selling opportunity

The EUR/USD had a strong session on Thursday with the bulls pushing the pair back above 1.30 after the ECB did nothing towards cutting rates. At 1.3083 at the time of writing, some profit taking is pushing the market in negative territory. The 1.30 area is a key resistance area and we expect some consolidation here up to 1.3155. Unless the market breaks above that level, we expect the down trend to resume with as the recent bounce could be seen as an opportunity to sell. The downside penetration of 1.306 would open the door for a re-test of the 1.298 and 1.2855 levels. On the economic data front, the German Industrial Production is due for release during European hours. Later today, all eyes will be on the US Non Farm Payroll, with expectations adding another 163K jobs in February.

Dafni Serdari
Market Analyst
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