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Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - The EUR/USD may have made a short-term low at 1.3648 on Monday and could be on its way up to technicians’ targets at 1.3750 and points beyond. The US Monthly Employment report looms large, though.

EUR/USD traders gearing up for the US jobs report later on Tuesday

The EUR/USD looked like it might slip into a something more than an intraday correction for about half of the Monday session. However, when US existing home sales came out shy of expectations at 14:00 GMT, the bottom for the session was set and bullish EUR/USD action resumed.

Tuesday, there is no data due out from Europe, so traders will get to focus all of their attention on the US jobs report which is due out at 12:30 GMT.

Technical outlook for EUR/USD

Technicians say the EURUSD made a third wave peak at 1.3703 Friday and has been in consolidation mode since. Above 1.3703, the next projected target is 1.3750 – 1.3760. Support for the cross comes in at 1.3649 – the 23.6% Fibonacci retrace of the explosive move from last Thursday. Below that level, technicians say the next support is the 38.2% retracement at 1.3615.
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