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Bears eye a move into the impulse

November 6, 2022| Forex Market

  • EURUSD bulls have moved in on a key area of resistance. 
  • Bears are lurking on the backside of a key hourly trendline. 

The US Dollar collapsed on Friday after the US Nonfarm Payrolls report for October showed the world’s largest economy created more new jobs than expected, but also flashed signs of a slowdown with a higher Unemployment Rate and lower wage inflation. This enabled the euro to shoot higher as the following technical analysis will show. 

EURUSD daily chart

EURUSD is coiled on the daily chart having spiked into a 3key area of resistance below parity that bears will be looking to hold at the start of the week. A move into the impulse could be on the cards as the following hourly chart shows. 

EURUSD H1 chart

The price left behind a number of price imbalances on the impulse and would be expected to return into the move over the forthcoming sessions. 0.9880 will be a key support for the immediate future in that respect. 

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