Non-Farm Payroll February 6, 2015

Looking at Friday session, it is of course nonfarm payroll Friday so there will be very little action before that announcement. However, when we look at the charts overall, there are a couple of things that we noticed. The first thing is that the EUR/USD pair continues to struggle with the 1.15 level. That area has caused so much in the way of resistance that we are looking for resistive candles on short-term charts in order to buy puts. Have no interest in buying this pair, because we believe that no matter what happens today with the jobs announcement, the simple matter is that the Euro is far too soft.

The S&P 500 broke out to the 2060 level during the session on Thursday, but still struggles with that area as resistance. We believe that any short-term pullback should be a call buying opportunity as the S&P 500 will eventually break out of this market. Regardless, but notice in selling because we have such bullish pressure underneath.

The silver markets continue to struggle right around the $17 level, but looks very consolidative at this point. We will wait until we see the daily candle print in order to make a decision, but right now we do have more of an upward bias in this market but recognize also that the $17.15 level above is massively resistive. Ultimately, we think that the silver markets probably go as high as $18.50, but recognize that it will be very volatile.

Forex - EUR/USD slips lower on German data, Greece jitters

The euro slipped lower against the U.S. dollar on Friday, after disappointing German data and after German Finance Minister Wolfgang Schauble pledged to help Greece out of its financial troubles.

EUR/USD hit 1.1451 during late Asian trade, the session low; the pair subsequently consolidated at 1.1457, falling 0.18%.

The pair was likely to find support at 1.1302, Thursday's low and near-term resistance at 1.1533, the high of February 3.

Official data earlier showed that German industrial production rose 0.1% in December, disappointing expectations for a 0.4% gain. November's figure was revised to a 0.1% uptick from a previously estimated 0.1% fall.

The euro found mild support after Wolfgang Schauble said that Greece's financial difficulties were the result of domestic problems, but that Germany would do all in its power to help.

Schauble was speaking at a joint press conference with his Greek counterpart Yanis Varoufakis in Berlin on Thursday.

The comments came after the European Central Bank said it would no longer accept Greek bonds as collateral for lending, shifting the burden on to Greece’s central bank to provide additional liquidity for its lenders and increasing pressure on Athens.

Greece’s government is seeking debt relief on its current €240 billion bailout, which has fuelled fears over a clash with its creditors that could bring about its eventual exit from the euro zone.

Meanwhile, the dollar remained supported by data on Thursday showing that the number of individuals filing for initial jobless benefits rose less-than-expected to 278,000 last week.

The euro was also lower against the pound, with EUR/GBP edging down 0.12% to 0.7479.

Later in the day, the U.S. was to release the closely watched nonfarm payrolls report, and data on wage growth.