The EUR/USD pair is trading in the green at 1.0905 at the time of writing. The rate dropped as much as 1.0876 today where it has found support. You knew from yesterday's analysis that the currency pair remains under downside pressure in the short term despite temporary rebounds.
Today, the US released high-impact data. The NFPs came in at 236K above the 228K expected but below 326K in the previous reporting period, Unemployment Claims dropped surprisingly from 3.6% to 3.5%, while Average Hourly Earnings rose by 0.3% matching expectations.
EUR/USD 1.0882 Support!I've told you in my previous analysis that the rate could come back to test and retest the upper median line (uml) and the 1.0929 resistance after finding demand above 1.0882 former low.
Now, it has crashed after testing and retesting the upper median line (uml) but it has registered only a false breakdown below 1.0882.
EUR/USD Forecast!Staying below the upper median line (uml) and making a bearish closure below 1.0882 represents a selling signal with a potential downside target at 1.0816.