As if EUR/USD needed a reason to fall any further!! It certainly got one on Friday with a pretty decent NFP number and as you would expect from that result, EUR/USD crashed further – this time almost 160 pips on the day. DCZ 1.2510 ‘caught’ it beautifully and PA seems content for now, to consolidate just above that level. It being Friday, no trading for us.
The vertical drop is seemingly without a bottom, yet we know that it must arrive. It would be a brave person (or is that crazy) who suggests that the time is now. Support level after Support level continues to yield under the force of gravity and frankly, I don’t see a significant level close by. For this reason, I believe any substantial pullback remains on the ‘wish’ list.
The Day Ahead
Same again – looking for a pullback to DP and more selling to follow.
High Impact News
Have a Magic Monday.