- EUR/USD extends the rally to the 1.2170/75 band.
- US Nonfarm Payrolls will be later in the NA session.
The single currency extends the bullish sentiment and pushed EUR/USD back to the 1.2170 region at the end of the week.
What to look for around EUR
EUR/USD manages to record another 32-month peaks in the 1.2170/75 zone.
EUR/USD keeps the climb and it is gradually approaching the 1.2250 barrier ( 2018 March swing low). In the very near term, EUR/USD finds support from prospects of a strong recovery in the region along with the increasing likelihood of extra stimulus in the US .
Technical analysis highlights that the 1.2250 level is the next major upside target for the EURUSD pair as it offers the strongest form of upside resistance. As mention in my past article if EUR/USD has breached above the 1.209-1.2100 critical resistance area of 2017 swing high .Moreover, 1.2550 level coincides with 161.8% Fibonacci extensions of possible interest of reversal or continuation .
While this pair ticked higher for the third straight day on Thursday, it created a candle with a long upper wick – a sign of uptrend fatigue on the 4-hour chart. Validating the overbought signal on the Stochastic Oscillator (94.26). To the downside, a close below 1.20 would weaken the immediate bullish case.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.