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