By Admiral Markets
The U.S. Economy lost approximately 33k jobs in September according to latest NFP report. The unemployment rate dropped 0.2% to 4.2%, while wages jumped 0.5%. Worse than expected NFP result was primarily due to hurricanes on the U.S. coast and in my opinion, it doesn’t reflect the USD weakness at all as the prior jobs and wages were both revised higher.
The EUR/USD is undergoing a retracement from the drop that tested W L4 -1.1674 -1.1654 zone. POC 1.1745-65 (order block, 88.6, D H3, atr pivot, PPR channel top, historical sellers) could reject the price and as long as the pair is below 1.1780 we might see another retest of 1.1674-54 zone. Strong marubozu candle or 4h close below 1.1711 – red trend line, might bring a continuation move towards the 1.1674 and 1.1654 zone.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
PPR – Progressive Polynomial Channel
AP -Andrew’s Pitchfork
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: EUR/USD Could Drop Again From the Confluence Zone
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
