The greenback erased its earlier gains after a really weak NFP number and the EURUSD pair was trading flat at around 1.2270 in the initial reaction.

Current supports could be seen at 1.2240 and afterward at around today’s lows in the 1.2220/10 region. 

Alternatively, the resistance is probably located at 1.2280 and if the euro jumps above that level, we could see another leg higher toward 1.2310.

The medium and long-term trends still look bullish, but short-term corrections could occur. Especially as US yields are starting to accelerate higher, which should be supportive for the greenback. 

Source: https://www.axiory.com/technical-analysis/eurusd-advances-after-weak-payrolls

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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