EUR/USD set for a move below 1.2000?

Technically speaking, the EUR/USD looks set to push below 1.2000 and eventually to 1.17-1.1800 as the longer term trend takes hold.

 

The pair drove below the lower trend line at 1.2450 today that we had been following for over a week. Although the apex of the triangle didn’t form as long (in time) as I would typically liked prior to a breakout, the move looks like it is starting.

Tomorrow’s non Farm Payroll will be extra important to USD bulls. If the US labor market can create more than 100K jobs and keep the unemployment steady we could get a push to new trend lows below 1.2289 as early as tomorrow morning.

Disclaimer: I have no position in the EUR/USD, however I may trade tomorrow post NFP

 

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About Blake Morrow

Blake Morrow is the Chief Currency Strategist for Wizetrade. Blake has over 15 years of trading experience and has been a co- owner of a Dallas based brokerage firm and LiquidTrader Technologies. Currently, Blake does analysis daily for thousands on individual traders, also has appeared as a regular analyst on WizetradeTV, Traders Television and MBT Vision. Blake has also managed 6 figure trading accounts and is a seasoned individual investor in equities and FOREX.