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The "Dixie" had a fairly quiet session during the Monday, but proved that the 80 level is going to be resistive going forward. We think this is a very important area for this currency, and as such we are watching this market with great interest.
With the nonfarm payroll number coming out on Friday, it is very likely that this market will chop around. We think that a move below the 79.50 level would have the sellers stepping up the pressure, and as such will short this market if we get below that level. However, on the upside we do see a move to 81.50 if we can get above the Monday highs. In the meantime, we suspect that this market will go sideways until Friday morning at 8:30 PM Eastern Standard Time, when the employment numbers come out.