The EUR/USD pair tried to rally during the day after comments by the European Central Bank suggesting that quantitative easing was going to be cut back slightly. However, there are still quite a few bearish pressures upon the currency, so it makes sense that the 50-day exponential moving average offered resistance yet again. With this being the case, I remain a seller overall, and I believe that the market is dead set on testing the 1.05 level, although I do recognize that today is the employment numbers in the United States. Because of this, expect volatility but I think the market still favors the downside.
Written by FX Empire