FX.co ★ EUR/USD: minor range before NFPs

The EUR/USD pair rebounded in the short term as the Dollar Index was in a corrective phase after its strong growth. It's trading at 1.0585 at the time of writing and it seems undecided. Most likely, the traders are waiting for the US data.

Today, the German Final CPI rose by 0.8% matching expectations. Still, the most important event of the day is represented by the US NFP, the indicator is expected at 224K in February. In addition, the Unemployment Rate and Average Hourly Earnings could come in line with the previous reporting period.

EUR/USD Continuation or Reversal?

Technically, the currency pair jumped higher within an up channel. Now, it's trapped between the 1.0572 and 1.0599 levels. Most likely, the EUR/USD pair should register sharp movements in both directions after the NFP.

Escaping from the minor range pattern could bring us new trading opportunities. Still, don't forget that the rebound could be only temporary, the bias remains bearish in the medium to the long term.

EUR/USD Outlook!

Escaping from the up channel and making a valid breakdown below 1.0572 activates a downside movement. This scenario is seen as a selling signal.