Structurally speaking, I anticipate a bounce towards the 1.21 level, an area that I think will have a significant amount of resistance attached to it. If we were to break above the 1.2150 level, the market could go much higher. Otherwise, I anticipate seeing exhaustion that we can start selling, giving us an opportunity to take advantage of what has been a significant break lower. After the jobs report, I anticipate a significant move. If we drop, I would anticipate 1.18 being targeted.
EUR/USD Daily Forecast - 4 May
According to dailyforex.com, the EUR/USD pair has fallen a bit during the trading session on Thursday in preparation for the nonfarm payroll number today, but you can see we bounce to form a hammer. I suspect that we are going to hover around the 1.20 level between now and 8:30 AM Eastern standard Time, when the jobs number is released. If the jobs number is stronger than anticipated, I suspect that will continue to put bearish pressure in this market.
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