The EUR/USD pair initially broke higher during the course of the day on Thursday, but found enough resistance at the 1.14 level to turn things back around and form a shooting star. The shooting star is of course a negative sign, but ultimately we believe that it has more to do with people simply taking profits before the calm nonfarm Payroll numbers coming out today. With this, we believe that waiting for a supportive candle below will be the way to go going forward. We believe that the 1.10 level below is the “floor.”
