Elzorromagnifico

EURUSD Next Leg of the Short

OANDA:EURUSD   Euro / U.S. Dollar
Nonfarm payroll data tomorrow could well take the EUR into lower depths. The triple bottom has already been broken and despite a rally today, this was likely more due to a sell off. While there has been opportunity for the EUR to regain and restart it's trend, further concerns from Italy and disappointing economic data has prevented the common currency from doing this. Technically, the pair have been following the Tenkan and Kijun lines down and these have acted as reasonable support. Now that we have had a reasonable uptick, but the followed by a gravestone candle. This would seem to be a good point of entry for a quick short with a nicely balance risk.

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