Last Friday, Euro fluctuated upward and with a small increase. Euro is now trading near 1.1570. Short-term bottoming buying has provided certain support to the price of Euro. U.S. dollar index is under resistance due to the non-agricultural employment report, which is also the main reason for the rebound of Euro. However, Germany's weak economic data and weak non-agricultural report may not hinder the Fed's interest rate hike expectations and limit the Euro's rebound space.
From a technical perspective, Euro has fallen for 5 consecutive weeks. The bearish sentiment is strong. The daily line closes bullish, but the market sentiment is still bearish. The downward momentum has weakened weakened, and the probability for rebound increases. The indicators remain bearish. H4 graph shows that EURUSD maintained fluctuation on the middle BOLL band. The upper and lower BOLL band show signs of narrowing, and the MACD volume below the zero axis. Overall, prioritise operation within the fluctuation zone. Consider the support zone and resistance zone, the deciding point whether to buy or sell is near near 1.1530.
Resistance：1.1600-1.1640-1.1670
Support：1.1550-1.1530-1.1500
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