EUR USD continues to rise – Analysis - 05/02/2016

The EURUSD pair continued to rise yesterday to approach from 76.4% Fibonacci level that forms key resistance now at 1.1264, which urges monitoring the price behavior when reaching it, as breaching it will extend the pair’s gains on the short term basis to reach 1.1494 as a next main station, while holding against the price rise will push trading to resume the main bearish trend.

In general, we will continue to suggest the bullish trend in the upcoming sessions supported by the EMA50, unless breaking 1.1120 level and holding below it, noting that it is important to be cautious during today’s trading, especially at the time of releasing the US unemployment and non-farm payrolls’ data, which might cause high volatility at the markets.

Expected trading range for today is between 1.1050 support and 1.1400 resistance.

Expected trend for today: Bullish