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A Breakout Today Could Give Us an Opportunity to Short EURUSD

|Includes: CurrencyShares Euro Trust ETF (FXE)
Well, today is the first Friday of the month, and you know what that means.....non-farm payrolls time!

Some links to learn about trading this event:

Non Farm Payrolls (NFP's) & Trading the News
nfp : Threads Tagged with nfp
news trading : Threads Tagged with news trading

Ahead of this event, EURUSD is sitting right at support on the daily chart. See below. 

Technically, we are seeing oscillator divergence, in that RSI and MACD are noticeably off their respective lows since the last time the bottom support level of this range was touched. This may tame the case for a breakout. Still, though, if we close below support here, I think that may signal the green light for more room down in EURUSD. 

The US dollar is strengthening across the board for the most part at the moment, although oil and oil exporting currencies are experiencing a bit of strength. Gold and silver are down noticeably, with silver below the key $29 level and gold below the key $1360 level at the time of this writing.

Disclosure: I am short FXE.