Valeria Bednarik, chief analyst at FXStreet explained, in rsepect of EUR/USD, that in the meantime, the pair is retaining a strong positive short term tone.
Key Quotes:
“In the 1 hour chart, the technical indicators maintain their bullish slopes, despite being in overbought territory, whilst the price is struggling to extend beyond its 200 SMA, for the first time since mid February.”
“In the 4 hours chart, the technical picture also favors some additional gains, although the price is still not confirming a break above the 23.6% retracement of the latest daily decline, a handful of pips below the current level.
If the US employment report disappoints this Friday, the pair can close the week above the 1.1000 figure, but gains will likely remain limited ahead of the next week ECB economic policy meeting.”
(Market News Provided by FXstreet)