The EUR/USD pair fell significantly during the session on Thursday after the rate cut coming out of the European Central Bank. Looking at this, you can see that the shooting star on Wednesday signaled that we could in fact fall, and we fell towards the bottom of the range that we had anticipated going all the way down to the 1.30 handle. That being said, it is nonfarm payroll Friday and we will have to wait and see as to what the reaction is to that announcement. We suspect that there will be a significant amount of support at the 1.30 handle, which of course could lead to further sideways action overall.
Written by FX Empire