RLinda ! EURUSD-> The market is waiting for NFP. what to expect?

10 Mar 2023

The whole currency market is waiting for NFP (and Unemployment rate). The currency pair on the hourly chart forms a double bottom and enters the local range. A new zone of interest opens. What next?

Preliminarily, the data is expected to be lower than in the last period and it may negatively affect the national currency. The local chart on the right (Daily Dollar Index): a false break-down of the level of 105, which the price cannot overcome for a long time, and therefore there is a chance that the price will get weaker.
Hence, the currency pair might break through the mentioned resistance zones and test the area of liquidity and interest

I expect a bullish reaction in the nearest future and a re-test of the resistance area with a possible breakdown of the upper boundary of the channel and re-test of the area of interest at 1.07000.

Regards R. Linda!

10 Mar 2023

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