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EUR/USD rebounded from support
Information is not investment advice
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
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