I can't really add to what I have been saying all week about the EUR/USD. We have reached 1.3107, offering buyers a chance to get into the market and we have reached the upside target of 1.3150 thus offering them a chance to get out. Right now we are remaining quiet, but technically it looks like we want to trade higher. Therefore, we still advocate buying into weakness, looking for a move topside.
As long as we hold 1.3100 this should come to fruition over the next 2 sessions. If we can break 1.3160 and more importantly stay above here, then we have scope as previously stated for 1.3220. Cover longs. Only re-instate longs above 1.3220 for 1.3250. Remember, this is reversal Thursday so we should actually see a move today in front of NFP tomorrow.
We know support is at 1.3100. Therefore a loss of 1.3070 sees buyers running for the hills and we could then potentially have a greater move lower with 1.2990/80 the targeted area.