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EURUSD: Recovers after disappointing NFP numbers

Since the beginning of the year the currency pair gained more than 8.0% although last week made a minor loss of 0.2% and is in a bullish phase since early May.

Last week the EURUSD initially fell with a narrow range but found enough buying pressure to trim most of its losses and managed to close near the high of the week, however closed within the previous week range, which suggests being slightly on the bullish side of neutral.

The currency pair is trading above the 10 week moving average that should provide a good dynamic support.

The stochastic is showing an extreme overbought market however is still displaying a strong bullish momentum.

Expecting an upward move to a weekly resistance at 1.1534 on a bounce from the lower range of a weekly resistance at 1.312 (scenario 1) however a break above the previous week high at 1.1440 could push the currency upward to the higher range of the weekly resistance at 1.1534 (scenario 2).