The EURUSD had a bullish momentum yesterday after ECB press conference, topped at 1.3117 and closed back above the daily EMA 200. Technically, this fact interrupts the bearish outlook and we still need a consistent movement below 1.3000 to keep the bearish outlook remains strong. The US Dollar is still able to maintain its strength against Sterling and Yen and I expect the current Euro short term bullish bias is to be short lived. On the upside, a clear break above 1.3117 could trigger further bullish pressure testing 1.3200. Overall I still prefer a bearish scenario with sell on rallies strategy. Fundamental focus today is on the US NFP number.
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