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EURUSD Technical Analysis

EURUSD Tech analysis by Simon Kazinsky on 11:54 June 06, 2016 EST

EURUSD spiked up on Friday after the very disappointing Non Farm Payroll report showed that the US economy is no longer creating as many jobs as in previous months.

We had previously noticed that the pair had crossed above very relevant moving averages in longer time frames that suggested the single currency had found a medium term bottom. Moreover, I highlighted the support in the 1.11 area and the strong possibility of a rebound if the bullish technical outlook was to survive. The pair did just that and now the 1.11 is a stronger support.

I therefore maintain my bullish view for the single currency against the US dollar. My soft target is in the 1.18 to 1.20 region.