EURUSD could resume its up move. In the past two weeks, EUR/USD has been very choppy. In fact, the pair has remained relatively unchanged in terms of price since the beginning of the year.
Upon examining the chart, we notice that although the pair has reached new lows, these were very close to each other and were quickly reversed. This type of price action typically suggests a medium-term reversal, which could indeed be the case for EUR/USD. Confirmation of an upside reversal would occur if the pair stabilizes above the 1.09 zone. In such an instance, reaching the 1.12 zone could be feasible in Q1.
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The dollar fell broadly on Friday as upbeat big tech earnings on Wall Street boosted investors' appetite for riskier assets, while traders awaited U.S. job data later in the day to gauge how soon the Federal Reserve could begin easing interest rates.
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