Euro has found itself rather resilient during the trading session on Thursday as we broke down below the 1.18 level. However, we have turned right back around to show that resiliency and the ability for the currency to hang on. The market has been in an uptrend for some time so it makes quite a bit of sense that we would see that uptrend at least attempted to be continued. With this being said, I like the idea of buying dips and the candlestick for the Thursday session tells me that if we do get a selloff on Friday, it will more than likely be short-lived.” data-reactid=”12″>The Euro has found itself rather resilient during the trading session on Thursday as we broke down below the 1.18 level. However, we have turned right back around to show that resiliency and the ability for the currency to hang on. The market has been in an uptrend for some time so it makes quite a bit of sense that we would see that uptrend at least attempted to be continued. With this being said, I like the idea of buying dips and the candlestick for the Thursday session tells me that if we do get a selloff on Friday, it will more than likely be short-lived.
EUR/USD Video 04.09.20
After all, we do have the jobs number coming out on Friday and that can cause a certain amount of volatility. At the end of the day though, typically the longer-term fundamentals come back into play unless of course the jobs number is a complete game changing shock. Most of the time, it is not, and Wall Street has a great habit of making sure that they recovered nicely from any type of shock rather quickly. In other words, if this thing falls, be buying it again. I have no interest in shorting and I believe that there is a hard “floor” closer to the 1.17 level. Pulling back the way we have should not be a huge surprise because it is the major psychological victory to overcome the 1.20 level, so it is going to take a certain amount of wherewithal to make that happen.
economic calendar.” data-reactid=”20″>For a look at all of today’s economic events, check out our economic calendar.
article was originally posted on FX Empire” data-reactid=”21″>This article was originally posted on FX Empire
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