The EUR/USD pair went back and forth on Tuesday, ultimately settling into a slightly negative candle. This market continues to show that there is support at the 1.36 region, and therefore we feel that the market will more than likely do very little between now and nonfarm payroll numbers. The markets probably going to be sideways for several sessions, so we aren’t necessarily looking to set up some type of trade at the moment. However, if we managed to break above 1.37, then we think the market would head towards the 1.38 resistance level. If we sell off this market, and perhaps get below the 1.3550 level, we think there could be a little bit of downside action, but again most moves will be muted between now and nonfarm payroll.
Written by FX Empire