EUR/USD is down over 100 pips following the excellent Non-Farm Payrolls report from the US. It is still up on the week, but not by too much.
Looking at the hourly chart, we can see the pair trading towards the bottom of a wedge. After posting a lower high and falling lower, it is still above uptrend support, but the line gets closer.
This is because it is an uptrend line on the hourly chart, but also because the pair continues falling.
On the way down, the pair fell through 1.1460, which was a low in January. It continued and cut through the 1.1373 level which dates back to November 2003.
Uptrend support stands at around 1.1320 at the time of writing, and the low so far has been 1.1334. Further support awaits at 1.1290.
Here is how it looks like on the chart:
More: Staying Short EUR/USD Targeting 1.08; Rebuilding Long USD Exposure – BNPP
