The Forex Market: Friday’s main event was definitely the release of the US Non Farm Employment Claims which came out with a value of 169K, worse than the forecast 178K. This created US Dollar weakness and as a result price moved strongly to the upside.
Technical Outlook
Friday’s rally encountered heavy resistance before price could break 1.3200 to the upside. For today’s trading session we don’t expect to see a sustainable break of the mentioned level and if price moves above 1.3200 it is very possible to see another move below it. A touch followed by a bounce lower will indicate that Friday’s rally was just a single bullish move and price will continue to the south.
Fundamental Outlook
The Euro will be influenced today by the release of the Sentix Investor Confidence survey scheduled at 08:30 am GMT. This is a leading indicator of economic health based on the opinions of about 2,800 investors and analysts; today’s anticipated value is -4.0 while the previous number was -4.9. Better than anticipated numbers can strengthen the Euro but the indicator is considered to have a low impact on the pair.
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