Will the support break today? - Forex News by FX Leaders

Will the support break today?

Posted Tuesday, June 7, 2016 by
Skerdian Meta • 1 min read

EUR/USD shot up more than 200 pips last Friday after the disappointing employment data. That´s according to the market because in my view the data wasn´t that bad, surely the new job opening number was much lower than expected but after the longest positive sequence in history in the region of 200k a month, you´d expect a slowdown at some point. and the number was still positive. On the other hand, the wages picked up again and that´s a positive sign for the US employment sector.

Anyway, the market took it badly and EUR/USD surged. It made higher highs and lower lows yesterday too. But today the Euro doesn´t look so bright. It couldn´t make higher highs and now it´s threatening yesterday´s support level at 1.1325-30. Right now the price is at the 50 moving average in yellow on the hourly chart at 1.1345, so that´s the first line in the sand. If that goes, and it feels like it will because the price isn´t bumping off it, then the support at 1.1325 is the next target. Will it break it? We´ll see in the coming hours.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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