Coming Up Today(all times GMT)

  • EUR German Trade Balance (06:00)

Not a whole lot happening today. For the most part it appears that Forex market participants are digesting Friday's worse than expected US Non Farm Payrolls figures. As such, trading could be range bound until a direction forms, however, once momentum starts to develop, we could very well see follow though dollar selling if last Friday's lows are breached. Therefore, traders will be keeping a close eye on Friday's highs in the EURUSD, GBPUSD, AUDUSD and USDJPY.

EURUSD

Since spiking higher to 1.3330 following the NFP news, the pair has held most of its gains and has found support at 1.3260. Looking ahead, Forex traders will be watching today's German Trade Balance figures. With Germany exports thriving in the weak Euro environment, expectations are high for a stellar number.

Support/Resistance 1.3260/1.3330

GBPUSD

Momentum from Friday is continuing this morning as the GBPUSD is making another move towards 1.6000. It hit resistance at that figure following Friday's NFP results and again in early trading during the Japanese session. Forex traders will be watching whether three times a charm, and if a breakout will occur if it does indeed trade above 1.6000.

Support/Resistance 1.5950/1.6000