The EUR/USD pair fell during the session on Thursday after forming a perfectly placed shooting star on Wednesday. This continues to drive home the point that 1.30 is the beginning of serious resistance, and as such we are very leery of buying the Euro right now.
Look at this chart, you can see that there is an up trending line that the market has been following and respecting lately, and as such we feel that a break down below the 1.29 level would of course be a very significant sell signal. However, the US jobs number comes out later today, and this of course will move this marketplace. Because of this we are going to wait to see what the Friday close brings in order to make our decision. Anything below the 1.29 level has a selling aggressively. As far as buying is concerned, it is difficult to do because we see so much noise until you get to the 1.35 level.
Written by FX Empire