Current Market Status: Mixed
Reason: Weekly losses recovered due to NFP. Dollar weakness more influential than Euro strength
Price dropped 100 pips or so from Mon to Thurs but the bearish momentum wasn't particuarly convincing especially with the Break of last Friday's low producing some price rejection.
Fast forward to Friday and some disappointing NFP recaputred most of the Bears progress.
One final note is that the inevitable pullback after NFP isn't as significant as other major pairs (See NZDUSD and USDJPY)
Moving forward I'm going to sit on the fence here. The Euro hasn't exactly been pulling up trees recently and the effect of NFP next week remains to be seen
1) Some liquidity and Imbalance could drag price up to a Supply zone around 1.114
2) Price retraces to Pre NFP price at around 1.095 If this doesn't support price then i wouldn't be surprised to see the demand zone at around 1.0900 get tested and maybe even the 6th July swing low
Reason: Weekly losses recovered due to NFP. Dollar weakness more influential than Euro strength
Price dropped 100 pips or so from Mon to Thurs but the bearish momentum wasn't particuarly convincing especially with the Break of last Friday's low producing some price rejection.
Fast forward to Friday and some disappointing NFP recaputred most of the Bears progress.
One final note is that the inevitable pullback after NFP isn't as significant as other major pairs (See NZDUSD and USDJPY)
Moving forward I'm going to sit on the fence here. The Euro hasn't exactly been pulling up trees recently and the effect of NFP next week remains to be seen
1) Some liquidity and Imbalance could drag price up to a Supply zone around 1.114
2) Price retraces to Pre NFP price at around 1.095 If this doesn't support price then i wouldn't be surprised to see the demand zone at around 1.0900 get tested and maybe even the 6th July swing low