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Published on Nov 3, 2016
The
EUR/USD pair went back and forth on Thursday as we continue to try to
jostle for position at of the Nonfarm Payroll Numbers. Ultimately, this
is a market that sees quite a bit of resistance just above, both in the
form of the 100-day exponential moving average, and of course the 1.1150
level above. I think that it is far too noisy above that level to go
long at this point so this is essentially a “sell only” market at this
point in time, and a break down below the bottom of the range for the
session on Thursday is reason enough research selling and aiming for the
1.10 level below. Ultimately, I think that we will break down but the
question is whether or not we have to rise to find the resistance, or a
break down below the bottom.
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