Good day forex traders.
It is almost the end of the week. Tomorrow is a new month and along with it comes the US NON-FARM PAYROLL !
I will like to spend a little time to provide a quick technical update.
SMA 20 = Bearish
SMA 50 = Bearish
1.2450 did not last, together with 1.24. This suggests strong bearish inclination. Having said so, i want to remind everyone that we are nearing the 2008 low and hence strong support may be found near 1.23.
A look at the weekly chart of the EUR/USD will show 5 weeks of bearish trend. I hope no one tried to catch a falling knife.
The situation remains tense for the Euro Zone. Tomorrow the US Non-Farm Payroll will be released and any drop from expectation will probably release a flood of risk aversion given the current sentiments.
I am out on the sidelines for now.
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