HomeContributorsTechnical AnalysisEUR/USD Resumes Downtrend after US NFP and ISM manufacturing PMI Data

EUR/USD Resumes Downtrend after US NFP and ISM manufacturing PMI Data

EURUSD is coming down after a rally back to 1.0930 resistance after a completed leading diagonal in wave (A). Well, pair turned back to the lows after latest US NFP report so it seems that euro will stay bearish, either straight from here down for wave (C) to around 1.06, or there can still be a flat int wave (B) if suddenly price will turn up for 1.0930 again. In either case, we think that a corrective pullback from summer highs is still underway and that euro will retest lower levels. When looking at the daily chart, big supports are at 1.06 and 1.05 from where a higher degree uptrend may resume.

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