The EURUSD rebounded from support erasing yesterday’s losses. Could this offer long ideas going into the NFP reports tomorrow?
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The EURUSD price found support at the low volume area we pointed out in the week ahead analysis this week. The price then bounced from the support and rallied beyond the previous day’s highs. This followed from the recent USD data which showed that ADP Non Farm Employment Change fell which could suggest the NFP report tomorrow could also be negative. Now the price is trading above yesterday’s high we could look for opportunities going into the biggest report of the month.
Applying the daily profiles we can see that we have a point of control area at 1.0713 which could act as support if the price moves towards this level after the announcement we could expect a reversal to form.
Have you seen our USDCAD analysis? You can watch it here.
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