EUR/USD fell during the Thursday session in a tight range. The candle is a hammer, and it looks like the market wants to rise as a result of the Non-Farm Payroll numbers later today. The pair sees a lot of resistance at the 1.32 level, which of course is the 38.2% Fibonacci level from the larger move down. However, we need to see this pair either break and close above the level, or break and close below the 1.29 level in order to get some kind of clarity.

The Non-Farm Payroll report typically moves this pair, but the world clearly is more concerned with Europe in general, so it will take something pretty special in this report to move the markets for any significant move. Because of this - we are flat in this pair as it will more than likely bounce around to chop up accounts after the announcement.

EUR/USD

EUR/USD Forecast February 3, 2012, Technical Analysis

EUR/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.2985
1.3035
1.3087
1.3137
1.3189
1.3239
1.3291

 Fibonacci
1.3035
1.3074
1.3098
1.3137
1.3176
1.3200
1.3239

 Camarilla
1.3111
1.3120
1.3130
1.3137
1.3148
1.3158
1.3167

 Woodie's
-
1.3036
1.3088
1.3137
1.3190
1.3239
-

 DeMark's
-
-
1.3163
1.3124
1.3061
-
-