Hello traders,
Today's jobs reports in the US was not bad at all, adding 136K in September, flat wages and unemployment rate at a record low.
This week's up move by the pair was in anticipation of a bad jobs report following dismal readings from manufacturing and services PMIs. However, it was not as bad as expected so this was a good sign for the bears.
On the technical side, I already talked about 1.0990 resistance level and that the bulls need to overcome it to assure further gains. They tested this level which is the 20 day-SMA (Has been a strong resistance in the recent past) but failed to close above it.
We are still in the down channel shown on my daily chart, but on the hourly charts it broke the channel (also shown on my 4hr chart).
So technically, we are now in a sideways market and trying to find a top before resuming the bear trend.
Next important resistance for the bulls to beat is around 1.10220 ( 200 4h SMA, upper boundary of the channel).
Next week doesn't bring important economic figures, so traders must pay attention to technicals.
Good luck
dollardollarindexEUReuroeurodollarEURUSDFundamental AnalysisMoving AveragesnfpParallel ChannelUSD

Ramzi Abou Abdallah, CFTe, CMT

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