Euro Set To Break

Colin Jessup

By: Colin Jessup

The markets were pretty cool today with the Bears & Bulls gaining and losing ground almost equally.  The Euro did finish with a slightly bearish sentiment on the daily chart after another unsuccessful day of attempting to close above the DMA.  For the third day in a row it has been unable to close above 1.3160 and falling short of psychological & FIBO resistance at 1.3200/1.3230.  Obviously the pair is getting ready to break, but which way?  With EMU's Retail Sales numbers expected to be up and the Non Farm Payroll report later in New York the markets could very well stay somewhat subdued until these numbers are released.  If the numbers are better than expected, especially for the US, we could see the Euro fall further with support at 1.3005 and 1.2900 being important areas to watch.  If the numbers of the NFP are poor, look for a surge in the Euro with resistance at 1.3230 and 1.3350 possibly halting the bulls progress.  There is slightly more interest in buying than selling overall, but the sellers are in control at time of writing, about 10:30AM in Tokyo. 

Happy Trading!

EURUSD Daily Feb 03, 2012
 

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

Did you like what you read? Let us know what you think!

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

0 User comments

exclamation mark

Please make sure your comments are appropriate and that they do not promote services or products, political parties, campaign material or ballot propositions. Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate will also be removed.

Read more
Add new comment
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.