The EUR/USD pair went back and forth on Thursday as we continue to try to jostle for position at of the Nonfarm Payroll Numbers. Ultimately, this is a market that sees quite a bit of resistance just above, both in the form of the 100-day exponential moving average, and of course the 1.1150 level above. I think that it is far too noisy above that level to go long at this point so this is essentially a “sell only” market at this point in time, and a break down below the bottom of the range for the session on Thursday is reason enough research selling and aiming for the 1.10 level below. Ultimately, I think that we will break down but the question is whether or not we have to rise to find the resistance, or a break down below the bottom.
