In the face of fairly negative economic news yesterday the Euro showed good resilience with a closing price not much less than Wednesday’s close. The Employment Change numbers today did little to move the multicountry currency in early trading. Because of a lack of news for Europe, today’s price action will be focused on the US data. If the news is as expected or slightly worse than expected, the Euro could be the big winner of the day. If much better than expected, then the Euro could see only a slight sell off from its current pricing.
Technical Outlook
EUR (SEP): Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The market’s close above the 9-day moving average suggests the short-term trend remains positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 133.6875. The next area of resistance is around 133.3750 and 133.6875, while 1st support hits today at 132.6250 and below there at 132.1875.