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EUR/USD: The bulls are back in town ahead of US NFP

Following a weak ADP report, the USD lost ground across the board with the EUR/USD climbing back 10 1.36 before closing at 1.358. This morning the bulls have already taken the upper hand with the market trading at 1.36 at the time of writing and further upside potential likely to us to new highs. Near term resistance level to look at sits at 1.37. A break above that area would confirm the upward bias and open the way towards 1.371. With the US NFP due for release tomorrow, we expect the report to be the catalyst for any major price movement in the market. In the alternative scenario, we would have to see the market falling below 1.356 in order to re-consider our outlook, but this is hard to imagine at the moment.

Dafni Serdari
Market Analyst
Intertrader.com, Spread betting & CFDs
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