Last day of quarter
The EURUSD is down once again as the pattern of up and down continue. Today is quarter end, the ADP will get the jobs data engine going. The estimate is 195K.
Technically, the coiling spring held topside resistance against the trend line. The move lower now sees the price below the 100 and 200 hour MA which are converging. Look for the price breaking away soon. The lower trend line comes in at 1.1195. If the selling continues (the range is narrow at 59 pips today so there is room to roam), the 200 day MA at 1.11765 and the 100 day MA at 1.11447 become the next major targets to get to and through.
ON the topside, a move above the 200 hour MA (look for a close above), would have traders looking toward another test of the trend line.
PS Mike points out a large option expiry at the 1.1200 level. This - along with month end flows (11 am fixing) - may have a quirky impact on trading.
