EUR/USD rebounded from support

EUR/USD rebounded from support

2020-05-08 • Updated

EUR/USD recovered from the March-April support line and formed a “Piercing line” candlestick pattern on the D1. The pattern appeared at the support area of 1.0800/1.0770. As a result, there are reasons to expect that EUR/USD will test higher levels, especially if the US Nonfarm Payrolls are in line with the forecast or worse. On the H4, we see that Moving Averages represent obstacles on the upside at 1.0853, 1.0870 and 1.0885. Still, EUR/USD will be capable of the move up as long as it stays above 1.0815. The break below the latter, will once again lead the price down to 1.0770.

Trade idea for EUR/USD

BUY 1.0855; TP1 1.0885, TP2 1.0925; SL 1.0840

SELL 1.0810; TP 1.0770; SL 1.0825

EURUSDH4.png

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Technical analysis for EUR/USD
Technical analysis for EUR/USD

EUR/USD found support at 1.1845 and is currently trading just below the 61.8% Fibonacci retracement of the March-May advance at 1.1920.

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