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!
