The EUR/USD pair fell during the session on Thursday, smashing through the bottom of the hammer that had formed on Wednesday. That’s a very negative turn of events, but you can see that the market has plenty of support below, heading towards the 1.28 handle. Looking at this chart though, you can see that we did bounce a bit from the bottom and we have to think about the fact that the markets would’ve been very illiquid during certain times of the day due to the American Independence Day holiday. Going forward, we believe that the nonfarm payroll number will of course have a massive effect on this pair, and we also believe that unless we managed to break down below the 1.28 handle we will more than likely see a bit of a bounce sometime during the session.
Written by FX Empire