Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.1050)
- Resistance Levels: 1.1184, 1.1317, 1.1532
- Support Levels: 1.0970, 1.0795, 1.0622
- Trade Strategy: Stand Aside
The Euro has lost ground sharply against the US Dollar. See the below daily MT 4 chart as the EUR/USD has hit its lowest level in nearly 11 years.
A daily close below the technical support at 1.0970 will test the technical support at 1.0795. Should the Euro recover, pushing the EUR/USD higher then we see near term resistance at 1.1184. A break above this level will challenge the congestion area at 1.1275 to 1.1317.
Going short euro is very tempting. Especially with my long-term outlook remaining very bearish with the EU currency. Here is why I am opting to remain flat. We have the US employment report coming out tomorrow. This is the much watched non-farm payroll report (NFP) which can cause further Dollar volatility. This report can derail price positioning rapidly. Thanks to this, I will wait for this even to pass before placing any trade.
