EUR/USD Below 1.12

We’re watching EUR/USD closely today as it sticks  below 1.1200. Anything below this, and we reckon the pressure is down.
The pair headed 20 pips or so over today, but then the lead boots took over and it has drifted down once again (mixed news coming out of Euroland?).

The economic data from over the other side of The Pond is not particularly helping any risk-on moves.  1.13 is big news technically speaking on the charts (the first retracement resistance of the Fib 1.40/1.04 trip down). Look for moves between 1.10 and 1.11. If it looks shaky, it could be a case os “We Dive at Five”.

Friday is the NFP (Non Farm Payroll) of course. The non farm payroll release (April numbers) is due for release on Friday 8th May – estimates have it as a 225,000 increase (this is versus 126,000 in March when everyone was predicting  244,000).

The NFP is one of the most watched bits of news for forex traders. What seems certain, is that the market movement will be significant, given the volatility of the markets in 2015. We’ll see….

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