PRE NFP Report: EUR/USD has Almost Completed ABCD Pattern

February 03, 2017 12:31

The single most important event today is NFP with Average Hourly Earnings and Unemployment rate. The data that comes out will determine next movement of the EUR/USD pair. Currently the EUR/USD has almost completed the bearish ABCD pattern which still can retrace within the POC zone. POC zone 1.0680-1.0695 (ATR low, EMA 89, L3, DPP, Trend line) should either reject or break, depending on the US data today. If it rejects next targets are 1.0760 and 1.0810 followed by 1.0870. If the EUR/USD breaks below the POC zone - 1.0780 traders should watch for 1.0760 and 1.0630 followed by 1.0580. US data will be very volatile today so I suggest using a VPS protection tool.

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