EUR/USD: Further downside seems likely - FXCharts

FXStreet (Bali) - Jim Langlands, Founder at FXCharts, notes that the downside would seem to be the general direction to watch today in EUR/USD.

Key Quotes

"Euro is mildly lower today as traders became cautious ahead of an eventful week which will culminate in the Non-Farm Payrolls on Friday. The Euro has eased back to a low of 1.1121, before closing at 1.1150, with little change from a technical perspective."

"Below the session low, the next support is at 1.1100 and close by at 1.1090 (23.6% of 1.0520/1.1290). Under here there is minor support seen at 1.1070, beneath which there would not be too much to hold it ahead of 1.1000 (38.2% of 1.0520/1.1290) but which does not currently look likely to be seen yet, although the 4 hour charts are now pointing lower, so the downside would seem to be the general direction to watch today."

"On the topside, minor resistance is seen at 1.1175, above which could see a return to 1.1200 although I don’t think we are headed back to much above here today. If wrong, back above the 1.1223 session high would take the Euro back towards Friday’s trend high at 1.1290 which is also strong Fibo resistance (23.6% of 1.3993/1.0461)."