Alright traders - we are going to take you back to the KISS method... Keep it Simple Stupid.
Post NFP data, we saw a nice increase in the greenback, causing the EURUSD pair to drop. Coincidentally, the new bar formed lines up with the major April Support.
We are going to keep this chart real simple - any breaks below 1.0850 are suggestive of further decline towards 1.0809. Any significant closes below 1.0809 will continue to push it further down.
I have labeled some basic support levels in the Yellow Dashed Lines; areas we would want to be cautious of.
Disclaimer
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial adviser if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice.
Post NFP data, we saw a nice increase in the greenback, causing the EURUSD pair to drop. Coincidentally, the new bar formed lines up with the major April Support.
We are going to keep this chart real simple - any breaks below 1.0850 are suggestive of further decline towards 1.0809. Any significant closes below 1.0809 will continue to push it further down.
I have labeled some basic support levels in the Yellow Dashed Lines; areas we would want to be cautious of.
Disclaimer
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial adviser if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice.