EUR/USD Holds Off Daily Triangle
Having traded as high as 1.1317, the EUR/USD pair closed the day around the 1.1200 level, maintaining its latest range on Friday. On daily basis, the pair has been developing within a triangle and approaches to its vortex, diminishing the validity of the figure.
On Friday, the pair tested both extremes of the figure, before settling midway, maintaining its latest range. In the same chart, the price is between its 20 and 100 SMAs, both horizontal, whilst the technical indicators are also flat, slightly below their mid-lines.
In the 4 hours chart, the price is holding above its 20 SMA, but below its 100 and 200 SMAs, the Momentum indicator is aiming slightly higher from its 100 level, whilst the RSI indicator turned south around 51, all in line with the ongoing neutral technical stance.
An upward continuation will be confirmed with a technical break above the 1.1320/30 price zone, where the pair met selling interest during the last two weeks.
Earlier the US employment data disappointed big on Friday, with the country adding just 142,000 new jobs in September and wages holding unchanged monthly basis at 0.0%.
The worse-than-expected data led to speculation the US Federal Reserve will delay a rate hike beyond this 2015, which sent the American dollar sharply lower intraday, although the currency recovered most of the ground lost, particularly against the EUR, the GBP and the JPY.