EUR/USD Huge Rally Could Come to a Stop

The EUR/USD has rallied towards 1.1390 zone after yesterday’s ECB. The EUR/USD has rallied for a ninth consecutive day.

The euro was the big mover on the day as the price rallied above 1.1300 reaching 1.1360. We are in the zone of deep retracement – 78.6 % and 88.6% fib of March Swing low. We should see bears selling the price or cashing out of long positions. 1.1360-95 zone should provide relief and the price should go down. Targets are 1.1240 and eventually 1.1167 during next week. Today its also NFP which could provide boost to USD on better than expected results.

The Analysis has been done with the CAMMACD.Core and Sit Systems

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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