The legend in the InstaSpot team!
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EUR/USD slipped through the 1.0770 lows on Friday post NFPs. The currency pair initially rallied towards 1.0875 before turning lower to close the day below 1.0800. It is seen to be trading close to 1.0790 at this point in writing as the bulls might be preparing for a pullback. Overall, the instrument is projected to move lower towards 1.0600 at least in the next few trading sessions.
EUR/USD has already carved a meaningful upswing between 0.9535 and 1.1275 which is being retraced for now. The initial target is projected at about 1.0600-1.0550, which is also the Fibonacci 0.382 retracement of the above upswing. The currency pair might produce a meaningful pullback rally after that.
EUR/USD might also produce an early pullback rally towards 1.1000 before turning lower again. In that case, the above-projected targets might be delayed. Please, note that any pullback rally from here would stay below 1.1275 and should be seen as an opportunity to enter short positions.
Potential downside targets remain toward 1.0600 and 1.0500
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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