EUR/USD: technically bullish despite nonfarm payrolls risk – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart for the EUR/USD, the technical indicators have turned lower within overbought territory.

Key Quotes:

“The pair has rallied with little corrections in the middle ever since the week started.”

“The RSI indicator remains above 70, and the price far above a bullish 20 SMA, as the price holds above its previous yearly high of 1.1375, all of which maintains the risk towards the upside.”

“The pair may suffer a downward knee-jerk on a very strong US report, particularly if wages surge beyond expected, but after the dust settles, speculative interest will be likely looking to buy the dips.”
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Source:: FX Street