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04.07.201916:20 Forex Analysis & Reviews: EUR/USD for July 04,2019 - Sellers in control

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The euro didn't have enough power yesterday to break our important confluence-resistance level at the price of 1.1300 and also round number. The price did very quick rejection of our confluence resistance Fibonacci Retracement 38.2%/61.8% and on that way confirmed present of sellers. If the EUR clean the level of 1.1270, the downward movement may continue.

The focus now shifts to U.S. non-farm payrolls data due on Friday, which economists expect to have risen by 160,000 in June, compared with 75,000 in May. On the daily time-frame I found that there is completion of the ABC correction and the price is trading below the 5SMA, which is sign of the short term downtrend. Fibonacci expansion target is set at 1.1200 also a round number. Both Stochastic and MACD on the daily time frame are trending lower, which only confirms sellers activity. Pay attention on key resistance levels 1.1300 and 1.1325. Both resistance levels are based on multi Fibonacci levels and as long the price is trading below these numbers, the selling opportunities will be preferable. The 4H time-frame is showing the consolidation. Today is holiday in US and light volume is expected till end of the day.

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