EUR/USD had switched direction and is now set up for up direction.
On Friday the 7th, two major reports in the US were positive and a scenario on which the FED will raise interest rates on coming September, is seem real than before.
NFP report in the United States showed 215k people were employed during June 2015, less than analysts’ expectation of 222k. Nevertheless, the NFP data is still positive and reflect progress in the US labor market.
Unemployment report was positive as well, 5.3%. This level last seen on May 2008, and it reflects the progress the FED wants to see before hiking interest rates.
From a technical point of view:
EUR/USD is starting to move up, 10 MA crossed 20 MA on a daily chart, and current price is above 20 MA. We will wait during coming week for RSI indicator to be above 50.0 level, to have more confidence in short term long positions.