The EURUSD had a significant bullish momentum yesterday, after three high impact US data (Unemployment Claims, ISM Manufacturing PMI, Pending Home Sales) showed bad results. On h4 chart below we can see that price is now convincingly move above 1.2465 key resistance area (now support) indicating not only potential nearest term bullishness but also could mark the beginning of a new medium bullish outlook. Nearest bullish target is seen at 1.2670. Only a movement back below 1.2465 could diminish the bullish momentum but overall we are still in a strong bullish correction. We will have US NFP data today, which is expected to be a bad one, forecast at -106K. Unless we see a big positive surprise from the forecast, the Euro should keep its bullish bias at this phase.
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