EUR/USD - it's to early for bull celebration

EUR/USD - D1

Our expectations - Undoubtedly bad data from the US today will have a negative impact on USD in the long run, but it is good to look in detail. The pair's price remains in broad consolidation, formed in the support area between 1.15000 and 1.1700. Looking at H4, it is clear that an important breakthrough is present, but at the same time the main resistance remains impenetrable. The price has managed to break through an important base diagonal and the 200 average bottom-up. At the same time, it reverses strongly from the upper limit of the range, suggesting that the bulls still have no power to take the euro above the main resistance. In addition to the downward movement, DeMarker is also turning and pointing downwards from an over-sales area. What traders expect is data on new jobs in the United States. If official data tomorrow confirms API data from today, it is very likely that we will see a breakthrough in the resistance zone. However, if the data prove to be better, testing the levels around 1.1500 will be the more likely scenario.

We should not forget the ECB intentions to end QE altogether and raise interest rates in September.

A signal from the ECB that they will change monetary policy

Entry from current levels remains risky for long-term traders and ideal for consolidators looking for quick winnings in the range.

Read more:

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• ING Bank: We do not expect deep EUR/USD correction