Yesterday's rate decision seemed to go through without significant fanfare, leading us into the next couple of days' worth of data as US issues remain in focus. At 10AM ET today, we get ISM numbers and tomorrow brings the big one with Non-Farm Payrolls for the month of January. The current expectation is for the US economy to have added +180k jobs in the most recently completed month, and as per usual, prior months will be subject to revision along with tomorrow's release.
For its part, the U.S. Dollar remains in a very weak position, much as we've seen throughout the duration of the past week after prices lurched-down to fresh three year lows . Price action found a bit of support around a key Fibonacci level, and has since been unable to break significantly-lower. On the below weekly chart, we're taking a step back to look at the longer-term backdrop here, and notice how support carving-in off the in September of last year led to about two months of strength before sellers came back to drive-in that bigger picture .
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Entry: Now or 1.2450
Target 1: 1.25532 (100 PIPS)
Target 2: 1.26515 (200 PIPS)
Stop Loss: 1.23515 (48%)
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