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Jan 08 - 05:55 AM

EUR/USD - COMMENT-The EUR/USD Trend Is Your Friend

By Jeremy Boulton  —  Jan 08 - 03:55 AM

Those trading EUR/USD know that the trend is their friend and they should trade the pair accordingly.

EUR/USD is in an uptrend strong enough to support a large number of spec longs, but the number of longs will need occasional adjustment and EUR/USD must see corrections to sustain the rally.

This seems to be one of those moments with EUR/USD weighed ahead the release of U.S. jobs data and a weekend.
Traders witnessing events in the United States have also grown more risk averse and a bout of profit-taking has ensued. nL1N2JJ0HT

EUR/USD has reached levels from which it is likely to resume the rally, but the pullback could run deeper towards 1.2064 if it reaches the ideal point for a correction of the rise from November's low.
The mid-point of the 30-day Bolligner bands is 1.2175. nL1N2JJ0GO

A weak jobs report is expected, which may see dollar come under pressure later today, and those who use the trend to their advantage may prosper. nL1N2JI2LC



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Source:
Refinitiv IFR Research/Market Commentary

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