EUR/USD - EUR/USD Consolidates in a range 1.05 - 1.17! - 07/04/2016 (GMT)

Leaving behind the EU referendum, where the UK decided to leave the European Union, the market is now turning its attention to the economic indicators and in particular the U.S. Non-farm Payroll report on Friday. Overall, the EUR/USD pair continues to lack directional strength and consolidating near the 1.1150 region, which includes the 50-SMA on the weekly chart.

Over the long-term, immediate upside resistance above the 1.1615 handle is pegged near the psychological 1.1700, comprising of 100-SMA. A break above this immediate resistance and a subsequent momentum beyond 1.1700 level is likely to assist the pair initially towards 1.2000 round figure mark. On the downside, the 1.0850 – 1.0910 zone will be the first obstacle for the bears before getting to the psychological zone of 1.0460 – 1.05200. The next directional move with depend on how the market understands U.S. employment data on Friday especially after the big negative surprise of the month before.