EUR/USD Loses 1.30 and continues to test double bottom


EUR/USD extends its drops below 1.30 on the excellent Non-Farm Payrolls report. The Untied States gained 236K non-farm jobs in February, significantly above the already elevated expectations. The unemployment rate fell to 7.7%, the lowest since December 2008.EURUSD under 1 3000 after excellent Non Farm Payrolls report in the US March 8 2013

Next target: 1.2960 – it has been hit, but the pair is moving slower around this line.

Update: Fitch downgrades Italy and EUR/USD makes another attempt at the now triple bottom – no success.

EUR/USD is now at the lowest level since December 11th 2013. It is important to note that in the past two Fridays, EUR/USD dipped below support but eventually closed higher. Will this happen again?

If the break is indeed confirmed, the next level is 1.2960 which was a double bottom in the past week.

The next significant level on the downside is 1.2880, which worked in both directions in the past. It is followed by 1.28, which was the bottom border of the long term 1.28 to 1.3170 range that characterized the pair’s trading.

If the pair bounces back, 1.3030 is very minor resistance, followed by 1.31 and 1.3130. For more levels, see the EURUSD forecast.

Here is another chart, showing the double bottom:

EURUSD Hourly Chart Showing Double Bottom Approached After Non Farm Payrolls March 8 2013

Also other currencies fell on the report. GBP/USD fell to fresh multi-year lows.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.


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