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Will EUR/USD rally once more?
Yesterday saw EUR/USD rally heavily towards the back end of the session, with the break through $1.0881 signalling a bullish outlook which followed through with over 90 points upside.
Overnight we have seen the pair consolidate somewhat and this would be expected to persist into the payrolls release should we see a break below todays lows of $1.0935. However, should we see a break and hourly close above $1.0967, this could point towards another move higher for the pair, with resistance levels at $1.0986 and $1.1016.
Be aware that the payrolls release will be a big volatility event and can easily take out stops if you have near-term positions.