For the fifth day in a row, the EURUSD has been fluctuating sideways. As traders wait for new cues from this week’s major events. The Fed minutes and the US June labor statistics.
Even if the pair is still trading inside its range, near-term movement is anticipated to be bullishly oriented. As long as it stays above crucial support around 1.0868 (cracked Fibo 38.2% of 1.0635/1.1012 / top of thickening daily cloud). But without a clear trend as long as previous range peaks at 1.0930 zone cap.
Daily studies of EURUSD lack direction due to negative momentum, mixed MA setup, and turning up RSI.
For more information regarding the direction of the central bank’s monetary policy and a major event, the markets are awaiting the release of the minutes from its most recent policy meeting, which is scheduled for later today. US non-farm payrolls are due out this week (June 225K f/c versus May 339K), and they are anticipated to cause more market turmoil.
On breach of either critical level (1.0868 or 1.0930), early direction indications are to be anticipated. These signals will seek confer on extension via the following triggers (1.0823 on the downside or 1.0976 on the upside).
Res: 1.0930; 1.0976; 1.1000; 1.1012.
Sup: 1.0868; 1.0835; 1.0823; 1.0779.
