EURUSD Breakout Explodes Higher Post NFP | Oct 22nd
EURUSD – Euro Hammers USD Post NFP Number
After the belated NFP came out, the USD got hammered across the board and the Euro took no prisoners. Taking out the the key 1.37 barrier and former yearly high, there was an intraday breakout formation and the pair has only climbed and consolidated since. Looking at the 1hr chart below, we can see the pair is holding a bullish flag formation tightly at the top, suggesting little profit taking and counter-trend players. Upside resistance levels are 1.3835 & 1.3972.
I’ll consider a potential breakout, but would rather buy on a pullback close to 1.37 before getting long. So watch the intraday charts closely during early London for clues. If the pressure continues, it will likely not pullback, but if it does, look for a corrective pullback to get long at the aforementioned support below. Only bullish bias at this point.
Make sure to check out our latest article about Reactions to Stress in Trading
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