Forex Technical Outlook EURUSD 07.07.2017
The Euro remains firm and holding above 1.1400 handle in early Friday’s trading, ahead of US non farm payrolls report (forecast for June 175K vs 138K in May). The single currency rallied on Thursday after downbeat US ADP and weekly jobless claims depressed the dollar. ADP report showed private sector employment fell to 158K in June, undershooting forecast for 185K new jobs and staying well below 230K in May, while weekly jobless claims rose by 4K to 248K above forecasted 243K. The Euro is eyeing recent tops at 1.1445, to fully retrace 1.1445/1.1312 correction and resume towards next target at 1.1500 on firm break higher. Technical studies are in firm bullish setup and support further advance. Session low at 1.1406 marks initial support, followed by the top of thick 4 hr cloud at 1.1371, which is expected to ideally contain dips.
Res: 1.1445; 1.1500; 1.1527; 1.1578 Sup: 1.1406; 1.1371; 1.1330; 1.1312