The euro rebounded against the dollar during the release of the NFP report and ended up making a false breakout once again,
Although last Friday's NFP report proved disappointing, the indices reacted higher and the US dollar (USD) ended up weak.
The euro wasted no time and quickly reacted to the dollar's weakness and recovered. For the second time, the pair again made a false breakout of the consolidation zone (green rectangle).
As long as buyers manage to keep the price under control, the bullish momentum could extend towards the 1.22478 mark (upper boundary of the consolidation zone).
The dollar index (DXY) reflects the dollar's reaction to the data from the NFP report.
USDIDX, 4 hours time frame chart. Source: xStation 5
NZD is the best performing major currencies while USD lag the most
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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