EUR/USD
The Euro had a very choppy session on Thursday, which isn’t much of a surprise considering that it is the day before the jobs number. When I look at the chart, you can see that there are couple of hammers proceeding on the daily chart, and that shows that there is a lot of support, and I think at this point the market probably goes looking towards the 1.1725 level. The 1.15 level underneath is massive support, but today with the jobs number coming out it’s likely that the volatility will be extreme. Overall, I believe that the market bouncing around in this area is probably which you can count on for the next several days, so I’m looking to buy dips, but I’m also looking to sell rallies if we go towards the 1.1725 region or so.
GBP/USD
The British pound rose slightly during the trading session, as we continue to hang about the 1.2950 level. There is a major downtrend line just above though, so we can break above that level and close above there on the daily chart, the market can go much higher. At that point, it’s likely that the trend would start to change. In the meantime, expect a lot of noise and choppiness with some sideways action. The 1.2750 level underneath is massive support, so if we were to break down below there it’s likely that the British pound will drop to the 1.25 level underneath. At this point, the pair moves based upon rumors about the Brexit or than anything else, and at this point I think that the market will continue to be erratic until we get some type of resolution.
