EURUSD is in a nice channel and we are looking for follow through to the 1.2723 (S6) area. A further target is the .382 fib at 1.2691 and the 1.2669 where support can be found. Upside risk is a break of the channel and then a move to 1.2936.
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WHAT ProAct Traders SEE: We are approaching the .500 fib and the 6th support. Might see a little bounce here but targeting the 1.2601 area (.618 fibo from the swing high and low and the 2.618 Fib extensions). Further targets south are 1.2403 and 1.2347 later this week.
The Employment Situation Report released by the Bureau of Labor Statistics each month offers investors a glimpse at the nation's economic progress based on the strength and stability of the current labor force. However, July's labor report, released on Friday, August 6, fell below Wall Street's expectations, leaving investors and the unemployed uncertain about the future.
We have a nice bear blag on the cross sitting at 110.00 right below the .618 retracement of last weeks swing high/low. aBreak of the flag suggests a move to the .786 fib at 108.91. further targets are at 108.64 then 107.27 support. Upsside resistance is at 111.03.
Ozzie is nicely poistioned in a descending wedge which is bearish. A break of the wedge and clearing the 0.8900 barrier should produce a run to the 0.8790 where the .618 fib, strong support and the S5 are in confluence. Commodities are strong however, and that leaves the upside risk at 0.8950. A break of that, targets a move back to the 0.9021 area.
EurUsd has cleanly reversed and do to the failure of the FOMC to continue the move the dollar is now strengthening as has been expected for some time. we are currently at the 6th support (S6) and the 1.2965 suppport. we have an unsquared area at 1.3050 that might get filled on any retracement and the .382 retracement is at 1.3055. Watching for a bounce and then a move to the .270 fib extension at 1.2872.
All eyes are waiting for FOMC. Would expect some ranging today ahead of the FOMC announcement. Currently sitting on support at 1.3120 as the market has given all of the NFP reaction back and then some. Immediate target is the S4 at 1.3100. If the cross can break south look for 1.2956 as the next big target. There is a possibility of a move up to create the right shoulder of a head and shoulders in the mix and of course depending on the FOMC a reaction to that. Caution is advised today (as everyday).