Euro rallied nearly 3% off the yearly lows with the bulls threatening a larger offensive into the yearly close. Battle lines drawn on the EUR/USD weekly technical chart.
USD weakness showed in the immediate aftermath of the NFP print, with the 105.44 level coming in to help hold support. EUR/USD is now testing resistance while USD/JPY trades below the 150.00 level.
A classic bearish reversal pattern has emerged on USD/CHF, during a month usually associated with USD losses. But that doesn’t mean this reversal is a slam dunk for bears.
While the headlines out of Europe have been largely negative, price action in the Euro hasn’t quite matched that pace. EUR/USD continues to push-higher while holding 1.0500 and EUR/JPY has pulled back from the early-week sell-off.
