Euro hit all the targets on its way down yesterday, and even went lower than the previous low of 1.38270. This was most likely commodity driven since there is Oil threaten in the area of $90 per barrel again. News seem really stable for today. No special change on UDS/JPY for yesterday so the buy positions should be watched as long as the market trades in the area below. Today one of the most important releases is expected in the U.S. The Nonfarm payrolls are on the schedule today, so all eyes must stay on the dollar. Changes in the market can be expected in the forecast since the dollar has remained strong all through the week.
EUR/USD
Below the wave is been updated. The market is still trading extremely bearish, and nothing indicate turning point. Prices are dancing around the 1.3830 level, that be signed as a correction wave. Traders should also notice that the priced bounced from the 1.38270 area (last year´s low). This could be positioned as a strong resistance for further lows. If this is the case the newt price could be between 1.3780-1.3870 where there would be some Fibonacci extension levels. With today´s instability it might not be the most appropriate time to trade. Manage care.
