Expect a volatile ride. EURUSD technical clues
Trying to guess the reaction to the Unemployment report is never an easy thing. The reasons are numerous, but the dollar in general is just as likely to rally as it is to fall. However, the EURUSD has some technical levels that can be followed for clues as to direction. Be warned that the moves can still be quite whippy.
The market is sitting at the middle of the range since March 19th and this is probably appropriate. The pair remains above the 100 hour MA which currently is at the 1.3289. It is also above the 200 hour MA at the 1.3384 level. Yesterday, the market moved above both these averages, topping at the 1.3517. There have been a number of support and resistance instances in this area and as a result will be key this morning.
All these levels will give clues to the direction this morning. Watch them and look for them for directional clues.
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