The EURUSD is breaking trend lows, tests key Fibonacci level.

The EURUSD has finally cracked the multi month range lows and seems to be breaking lower (finally!) to test the 127% extension of the last rally. However, one thing we must all note, the EURUSD is actually at the 2016 lows to 2018 highs 61.8% Fibonacci retracement. Does that mean we should get long here? Probably not. But, tomorrow is the ever so important “Non Farm Payrolls” employment number, and if for some reason the tide gets turned tomorrow morning, an important level would have been tested and respected. On the other hand, a close below the 1.1180 level may mean we see 1.1000 and below quicker than you think.

EURUSD 61.8 Fib

Blake Morrow