Previously, EURUSD bullish setup had been shared which was hit on point. Right now, we are still bullish on the pair and look further ahead after the NFP. It is to be noted that we have Non-Farm payroll news on the 6th August. This NFP will determine the USD strength or weakness.

- Market structure: EURUSD market structure is bullish right now. It continued to make HH and HL’s. The identified support is at 1800, which is a psychological level. At this level, we are anticipating a bounce off. We will see other factors at this support which confluence with it. Unless this support is breached, there are no sells in EURUSD.

- Trendline: The ascending trendline is testing the market at the current price of 1830. Candles kept hovering around the trendline and there was no solid breakout sells to confirm the trendline break. We have to wait for at least 3-4 candles to open and close below the trendline, and then, break the support.

- Retracement: At the support level, we have a golden retracement level of 75-78.6% which fully confluences with the support.

- EMA's: Both the EMA’s are above the current market price, which means they are indicating a bearish bias. Market is still operating on the previous bearish death cross and we might soon see a bullish death cross. EMA’s have had continuous breaches in waves. At this current situation of the market, EMA’s are not indicative of any solid confirmation or confluence. On higher timeframe of daily, both the EMA’s were retested. We can’t really ascertain the authenticity of the EMA’s at the current market prices.

- RSI/CCI: Both the oscillators are bearish right now. If market continues to fall to the support level, we might see either of the oscillators in the over-sold range. At this point, we will have additional confirmation from the oscillators to go long.

EURUSD trading during the NFP day is risky. We have to be aware of the spikes during the news. Although the direction remains bullish for us, we continue looking for buys at the support level.

EURUSD priming for NFP

Aug 05 2021

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