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Christopher Lewis

The Euro fell somewhat hard during the trading session on Thursday as traders continue to worry about global growth. The initial jobless claims came out at over 6 million, which was twice what people had anticipated. This of course has people concerned about the global growth situation, and therefore people started buying treasury notes in the United States. This drives up the value of the greenback, which has a natural drag on this pair. Furthermore, people are concerned about the European Union and whether or not it will continue to strengthen or falter, and at this point the latter of the two seems more likely. Because of this, it’s very likely that the market will be one that offers “sell on the rallies” type of situations that traders will be looking to take advantage of.

EUR/USD Video 03.04.20

The fact that we are heading into the jobs report is probably causing a little bit more confusion in may be part of the reason why everything didn’t completely collapse. That being said, this is a market that probably continues to attract negativity, as we more than likely go looking towards the 1.06 level underneath. We could get a lot of volatility around the jobs report but look at any rally as an opportunity to take advantage of a market that is so heavily shorted at the moment.

It’s not until we break significantly above the 1.10 level that I would be interested in trying to buy this pair, and quite frankly I just don’t see that happening anytime soon. Because of this, I think you need to look for exhaustion above.

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