Eur/Usd: Morning Trade Update

In the Eur/Usd there is an ascending triangle forming which is a bullish signal. Currently the pair is heading to test the support level on the bottom trend line.

Watch the bottom trend line for a bounce off of that line around the 1.4050 level. After the bounce look for the pair to retest the 1.4200 level. If the 1.4200 resistance level gets broken look for a target of 1.4342.

If the bottom trend line support level does not hold look for downside targets of 1.4000 and 1.3900

When trading today remember to watch the non-farm payrolls as that will impact today’s trading. You can learn more details about the non farm payrolls at Forex TV Blog.

4 hr chart

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