EURUSD H1: Price break below current week low but faces strong demand

Alright, so EURUSD did not hold and went on to break the current week low, which is Good! Last week, the price broke above the top of a 18-month falling channel around 1.1100 which potentially means that many sellers are trapped around the same level.

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Pre-NFP Outlook on EURUSD

Despite the fact that EURUSD failed to drop from the top of the range at 1.1090, the fundamental direction does not necessarily changed. Dollar may be facing some weaker economic data recently but euro is just...weak! Unless price shoots up and break beyond 1.1170, we will only look to sell at a higher price. EURUSD D1: Price approaching the top of 18-month falling channel for retest So, ADP has turned out much weaker than expected but I would suggest to leave that aside and focus on the upcoming actual NFP data.If the actual data stays within the range of the previous and consensus, or higher than the consensus, EURUSD most likely will resume downtrend.

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