EUR/USD Price Forecast – Euro Continues to Grind Lower On Strong Jobs Number

The Euro has fallen a bit during the course of the trading session on Friday after the jobs number came out much stronger than anticipated. The 1.15 level underneath should be a significant support level, as it is a large, round, psychologically significant figure. The 1.15 level of course is just the psychological level, so I think there is a little bit of a fight there but if we were to get a daily close below there, then I think is likely that we go lower to reach towards the 1.1250 level. On the other hand, if we turn around and rally, then the 1.16 level needs to be closed above on a daily close to get bullish.

EUR/USD Video 08.11.21

Keep in mind that the initial reaction to the jobs number is almost always a fake out, so I have to see the weekly close below the 1.15 level to get remotely bullish. All things being equal, this is a market that I think will eventually make a bigger move. All things being equal, this is a market that has been very choppy as of late, and although we have pierced the little bit of the support, it is worth noting that on the short-term charts we are already turning back around and trying to show signs of stability. With this being the case, the market is very much in a downtrend, but it does look as if it is trying to either consolidate or accumulate, depending on which direction we break next. I am neutral on this pair at the moment, but I do recognize below the 1.15 level that could change everything.

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