After EUR/USD made a convincing break above downtrend resistance, it seems unstoppable, breaking above yet another hurdle: the 1.1375 level that capped it in September 2015 as well as way back in 2003.
The pair is edging closer to 1.14. Very strong resistance awaits at 1.1460 – a double top. From there, the road is open to the swing high of 1.1712 seen in late August. If the break above 1.1375 is confirmed, it turns into support, with 1.13 as the next line.
The US dollar is sold off, partially as a result of the FOMC Meeting Minutes. This document showed that the members of the Fed were not really close to raising rates, and this was before the terrible NFP.
In comparison to commodity currencies, the euro was late to the party. This is due to the fact that the euro is a safe haven currency (not really sought after when the mood is good) and also suffering from its own dovish central bank.
In our latest podcast we discuss the Nightmare NFP, Judge Japan and Natural Gas:
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