EUR/USD tracked bearish to 1.1296 and expected to rebound to resistance around 1.1316, which later will return bearish.

Dear Traders,

EUR/USD tracked bearish to 1.1296 and expected to rebound to resistance around 1.1316, which later will return bearish.

FED's Dudley commented that strong NFP represented well-expected performance of general non-farm labor force and may lead to interest rate hike on next meeting, September 20-21st. Furthermore, data release last thursday showed better-than-expected Initial Jobless Claims.

On side note, even though US NFP was released positively recently, many economist foresaw next meeting in December as the most probable moment for interest rate hike (after US president election), according to Reuters vote poll last week.

 

Technical Analysis

Consider looking at this graphic to aid your trading decision this day, this graphic is in h4 resolution with Elliot Wave theory to read the upcoming pattern.

EUR/USD