FxWirePro- EURUSD Trade Idea

EUR/USD trades volatile after mixed US NFP data. It hit an intraday high of 1.04095 and currently trading around 1.03644.

The US economy added 143,000 jobs in January, less than the expected 170,000. However, the unemployment rate has decreased to 4%, and then they are beating the estimated 4.1%. In addition, wage inflation grew more than estimated.

Average hourly earnings increased 0.5% month-over-month, more than the estimated increase of 0.3% and even better than the rise in December, which was also 0.3%.

Technical Analysis of EUR/USD

The pair is holding above the short and below the long-term moving average in the 4-hour chart. Near-term resistance is seen at 1.04350; a break above this may push the pair to targets of 1.04700/1.0500/1.0535/1.0575, 1.0600/1.0660. Major bullish momentum is likely only if prices can break above 1.0660, where levels of 1.0700, 1.0760, and 1.0800 await. On the downside, support is seen at 1.0350 any violation below will drag the pair to 1.0300/1.0220.

Market Indicators and Trading Strategy

Commodity Channel Index (CCI)-  Neutral

Average Directional Movement Index (ADX) - Neutral.  It is good to buy on dips around 1.0350 with a stop-loss at 1.0300 for a  target price of 1.0535.