EURUSD Remains In Bullish Momentum After Surprise NFP


The price of Euro (EUR) extended upside movement against the US Dollar (USD) on Friday following the nonfarm payrolls release, increasing the price of EURUSD to more than 1.1000. The pair is expected to face a tough hurdle near 1.1050 which is the high of last major upside rally.

Technical Analysis

As of this writing, the pair is being traded near 1.0980. A hurdle may be seen around 1.1000, the psychological number ahead of 1.1050, the high of the bearish pin bar which emerged in the previous upward move and then 1.1532, high of the ongoing year.

EURUSD Remains In Bullish Momentum After Surprise NFP

On the downside, the pair is expected to find a support around 1.0718, the low of the last dip on daily chart ahead of 1.0469, the low of ongoing year as demonstrated in the above chart. A break and daily closing below the 1.0469 support area could open doors for the parity level at 1.0000.

Unexpected NFP

US corporations added just 126K jobs in March as compared to 264K in the month before, a government report revealed on Friday, down beating the average forecast of 245K by a long shot. Generally speaking, higher NFP are considered positive for the economy and vice versa thus the steep fall in the March NFP spurred huge bullish momentum in the price of EURUSD. The trend may continue in short term however every rally in EURUSD offers a long term sell opportunity in Euro.

Trade idea

Considering the overall technical and fundamental outlook, selling the pair around the 1.1050 resistance area could be a good move if we get a bearish pin bar or engulfing candle. The trade should however be stopped out on a daily closing above the 1.1100 resistance area.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

EUR/USD Analysis: Price Reaches the Level of 1.1000 Market Analysis: EUR/USD Extends Rally While USD/JPY Nosedives USD/JPY, GBP/USD, and EUR/USD Market Analysis: The US Dollar Continues to Fall Market Analysis: Australian Dollar Reaches Its Highest Since Early August Market Analysis: GBP/USD Rallies While EUR/GBP Slides Below Support

Latest articles


NASDAQ Composite Index Heralds a Fine Time for Tech Stocks

In the ever-fluctuating landscape of financial markets, the NASDAQ exchange, home to some of the world's most prominent technology stocks, has been a bastion of volatility over the past two years. This week, the NASDAQ index continues its upward trajectory,

Trader’s Tools

Fibonacci Retracement Strategies

Fibonacci retracements are a cornerstone in the toolkit of many traders, offering a mathematical approach to identifying potential areas where reversals may occur. This article delves into the intricacies of using Fibonacci retracements, covering everything from basic understanding to strategies

Trader’s Tools

What Is Contrarian Trading?

Contrarian trading challenges the traditional buy-low, sell-high paradigm by going against prevailing market trends. This article delves into the principles, psychology, and tools that shape this approach, offering insights for traders seeking to tap into overlooked or undervalued opportunities. The

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.