EURUSD remains in bullish trend but could see early pull back next week

EURUSD is breaking to new short-term highs. Price is in a bullish trend and is making higher highs and higher lows. EURUSD has reached a major resistance trend line while the RSI on a daily basis is now in overbought levels. A pull back is justified early next week.Red line – major resistance trend lineBlack lines- bearish channelEURUSD has reached the major resistance trend line. The RSI is at overbought levels. Price will most probably pull back next week after the sharp rise from 1.09 to 1.13. EURUSD should normally pull back towards 1.12-1.1150 area. Such a pull back would not do any harm to the bullish case.EURUSD is expected to pull back towards the 38% Fibonacci retracement area. EURUSD will most probably pull back towards the rising tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). For now these two indicators provide support at 1.1120-1.11 near the upper cloud boundary. It is common to see prices pull back for a back test after a cloud break out. However I do not believe at this stage the pull back will be so much deep. There is no bearish divergence even in the 4 hour chart and that is why I…

Dollar Exhibits Mixed Trend Against Rivals

The U.S. dollar turned in a mixed performance against other major currencies on Friday. The dollar reacted to jobs data from the U.S. and Canada, and a report showing a weak reading of Japan’s leading index. Data showing a much smaller than expected increase in unemployment and a bigger-than-expected increase in jobs growth in the month of May did help the greenback against some currencies, but overall, it was a mixed show by it on. The Labor Department said non-farm payroll employment jumped by 2.51 million jobs in May after plummeting by a revised 20.69 million jobs in April. Economists had a loss of another 8.0 million jobs following the nosedive of 20.5 million jobs originally reported for the previous month. Employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade, according to the Labor Department. The Labor Department claimed the improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain the spread of the disease. With the unexpected rebound in employment, the Labor Department said the unemployment rate dropped to 13.3 % in May from…

U.S. Consumer Credit Nosedives $68.7 Billion In April

A report released by the Federal Reserve on Friday showed a breathtaking nosedive in U.S. consumer credit in the month of April. The Fed said consumer credit plummeted by $68.7 billion in April after falling by a revised $6.9 billion in March. Economists had expected credit to decrease by $14.0 billion compared to the $12.1 billion slump originally reported for the previous month. The steep drop in consumer credit came as revolving credit, which largely reflects credit card debt, cratered by $58.3 billion in April after plunging by $21.5 billion in March. Non-revolving credit, such as student loans and car loans, also fell by $10.5 billion in April after climbing by $14.7 billion in the previous month. Compared to the same month a year ago, consumer credit in April was down by 19.6 percent as revolving credit tumbled by 64.9 percent and non-revolving credit slid by 4.0 percent. The material has been provided by InstaForex Company –…

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