EUR/USD found strong support right above 1.17 psychological level and now it has turned to the upside. Technically, a temporary rebound could be natural after the most recent massive drop.
Still, you should be careful as the US NFP, Unemployment Rate, and the Average Hourly Earnings could bring high volatility later today. EUR/USD rallies in the short term as the USDX slips lower.
EUR/USD H4 Technical Analysis!
EUR/USD jumped above a minor downtrend line and now it has stabilized above 23.6% retracement level. Today’s high is seen at 1.1786 level, so a new higher high, jump above it may signal more gains during the day.
The immediate upside obstacle is seen at the R1 (1.1799). EUR/USD could target the 38.2% retracement level after consolidating above the 23.6% level.
Some poor US data today could boost the pair, while in line with expectations or better figures may help the greenback to resume its appreciation.
EUR/USD Conclusion!
A temporary rebound could be natural after EUR/USD’s massive decline. The minor consolidation above the 23.6% retracement level signals a further increase in the short term.
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