Thanks mostly to a less than impressive U.S, jobs report, the EUR/USD managed to avoid falling off the cliff at 1.1700. It bounced as the USD sank, however, I suspect that we are going to another test of the key support at 1.1700 very shortly.
We have a clear change in momentum in the EUR/USD. For months the bulls have well and truly been in control, however, the tide has started to turn in line with the Fed suggesting that rate hikes will be happening sooner rather than later.
As such I will be getting set to sell the Euro. The two key levels of interest are on the current pullback, or if we can break and hold below 1.1700 support. There is a long-term sell signal out with a profit target at 1.1559 and that looks a compelling trade at the moment.
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