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Market View

EURUSD is approaching its next target

Friday, August 4, 2017 2:35 PM GMT

Euro continues to outperform against US Dollar and eyes the next target of 300% Fibonacci extension target 1.195, really close to the psychological barrier of 1.20. In our latest post, we have used Andrew’s Pitchfork and acts amazingly reliable. The pair is still moving across the upper side of the pitchfork. RSI (5) is forming a triangle (T1), which needs our attention. Whether the triangle holds which means new higher high for EURUSD or a bearish violation, which means the continuation of short-term correction. Heading to hourly timeframe, we have noted two supply-demand zones as well a third one in which there is a double confluence of 200 SMA and 261.8% Fibo extension. All of them can provide potential buying trading setups depending on the upcoming financial events.

Today’s agenda includes high - driven news like US Nonfarm Payrolls (Jul) (Previous: 222K, Forecast: 183K) and US Unemployment Rate (Jul) (Previous: 4.4%, Forecast: 4.3%). Therefore, traders have to be highly cautious with their trading activities as considerable volatility is expected during this news.

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