The non-farm payrolls certainly had an effect on the market today as the EUR/USD dropped another seventy pips and reached 1.2500, as I have been predicting it would for some time now. The bearish EUR/USD trend still shows no signs of exhaustion and the way things are going I think we should expect further drops in the coming weeks. Also, if you take a look at the monthly filter chart you will notice that previous lows are at 1.2030 and 1.1870. I really would not be surprised if it is headed for those targets, although I doubt that will happen any time soon.
I agree with the analysis, good point.
ReplyDeleteAlways useful the economic data and NFP numbers.
ReplyDeleteLet's see how the market react this week. in the end the lower the price the more damage both USA and Europe are taking.
ReplyDeleteGreat post. I fully agree with your view.
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