The EUR/USD pair has resumed its dominant down-trend and continued lower towards the next support shelf at the S2 monthly pivot at 1.0941.
It is moving lower, quite rapidly, and I would expect it to reach 1.0941 at some point. At that level, however, the probabilities favour a pause, consolidation or even a bounce.
Today sees the release of Non-Farm Payrolls in the U.S – the most market moving piece of economic news on the calendar. This may cause volatility in either direction, so traders beware!
If the news is particularly positive and therefore bullish the dollar, then I would be looking for a clear break below S2, including a 20-point margin – so below 1.0921 – for confirmation of an extension lower, to the next target at major long-term support lows at just below 1.0750.
It is moving lower, quite rapidly, and I would expect it to reach 1.0941 at some point. At that level, however, the probabilities favour a pause, consolidation or even a bounce.
Today sees the release of Non-Farm Payrolls in the U.S – the most market moving piece of economic news on the calendar. This may cause volatility in either direction, so traders beware!
If the news is particularly positive and therefore bullish the dollar, then I would be looking for a clear break below S2, including a 20-point margin – so below 1.0921 – for confirmation of an extension lower, to the next target at major long-term support lows at just below 1.0750.
EUR/USD Chart
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