With US NFP just announced volatility is rising. The NFP outcome was disappointing as the numbers missed the expectations by a lot. Initial reaction to the market news is Dollar weakness and that is why EURUSD is now bouncing towards 1.1320-1.1330.
According to our analysis using the Ichimoku cloud indicator we keep a close eye on the two resistance levels that must be broken in order for EURUSD to continue higher. As we mentioned in our last Ichimoku cloud
analysis EURUSD must break above the tenkan-sen and kijun-sen indicators. Resistance is at 1.1310-1.1315. Support by the cloud is found at 1.1280. We continue to follow our plan and our what the indicators show. Bulls need a 4 hour candle close above 1.1315 in order to hope for more upside. On the other hand bears want to see price break below 1.1280 in order to increase their chances of a new lower low.
