The EUR Ford/USD pair had a slightly positive session on Monday, bouncing off of the 1.36 level in a sign of support. If you look back at late November, you can see that there was a cluster back there that does suggest that this support is valid. It’s difficult to imagine this pair moving to drastically before the nonfarm payroll numbers, so bit of a bounce from here would exactly be too far out of the question. Nonetheless, we would not expect this pair to get above the 1.38 level anytime soon, at least not until the nonfarm payroll numbers would suggest US dollar weakness. Until then, expect choppy and sideways action.
Written by FX Empire