Serious spike in today’s trading!   With the weakness in GDP today the market took an upside swing to the 1.5700 level.   This was followed by a sharp drop to the congestion level of 1.5575, raising further questions about the state of the bulls.   We still see what could be support at 1.5520 with resistance back at 1.5670.   It’s difficult to say what markets will do before NFP so we will do our best to be open minded for tomorrow’s shake up.   It seems all rules go out the window during NFP.   Let us also keep in mind that price is sitting on a 1 year trendline.   Good luck tomorrow and be safe with trading as the risk is quite high with NFP release.

Due to NFP release tomorrow we will only be posting support and resistance today for this pair.   Support – 1.9781, which is quite strong at the moment.  If this was to break clearly then there is the possibility price might move down to 1.9650.   Resistance - 1.9870 to 1.9900, which also looks to be strong in the short term.   Price has been moving in a channel nicely for a little while but needs a little kick in a direction.

Is it failing???   Only time will tell.   In order to warrant a failure in this pair and another move to the downside we will first need to see 107.57 broken.   This could bring on another slide to 105.50 while meeting with 106.60 for some congestion and coffee.   Resistance will remain the same at 108.30 and 108.56 being the top.   Good luck tomorrow J .