​Chart Of The Day: EURUSD gears up for further upside on NFP-day

Fri, 01 Nov 2019 12:20

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Following its bounce off 100-bar SMA, EURUSD is heading towards October month high surrounding 1.1165 ahead of the key US employment data, including Nonfarm Payrolls (NFP). However, Overbought conditions of RSI seem to weigh on prices, which if ignored could propel the quote to the seven-week-old rising trend line, at 1.1205 now. During pair's extended rise beyond 1.1205, 61.8% Fibonacci extension of October month rise and pullback pattern, at 1.1220, can please buyers.

On the downside, 1.1130 and 100-bar SMA level of 1.1090 keeps the pair's weakness limited while 38.2% Fibonacci retracement of the previous month rise, close to 1.1060, and 61.8% Fibonacci retracement level of 1.0990 could entertain bears afterward.

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