The EUR/USD pair saw sharp declines on Friday after better than expected NFP report strengthened the USD. We are now looking at 1.19 as the new resistance, and 1.1594 as the new support. The question in the minds of traders is whether this is just a temporary setback for the established USD downtrend, or the beginning of a new uptrend. On the economic calendar today we have the German Industrial Production at 6 AM GMT, the Swiss Consumer Price Index for July out at 7:15 AM GMT followed by the US Consumer Credit during the New York session at 7 PM GMT. Two of Fed’s members will also speak during the New York session which could give market participants some indications about where the economy stands in the eyes of the Fed. Thanks for watching, invest responsibly and I wish you the best of luck making pips by trading forex.
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