EURUSD – movement in 1.1500 direction, watch out on today’s U.S. nonfarm payrolls

Roaring success of the bulls at EURUSD is in full swing. After broke above bearish regression channel price also broke resistances at 1.1050 and 1.1120. Next resistance is at 1.1350 however it looks like the goal for demand is at 1.1500. That level is the upper limit of big channel in which price moved since 12 months. Only once during last year that level was exceeded for two days.

You have to note that Friday will bring a macroeconomic reading of U.S. nonfarm payrolls. NFP is expected to reach 190K, and any reading more than 150K will be seen as further improvement of the situation on the labor market in the U.S. During this event you have to expect huge volatility at EURUSD. Nearest supports are located at 1.1120, 1.1050.

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