EURUSD (1.1580): The EURUSD fell to a fresh two month low yesterday before pulling back. Price action is seen rebounding off the support level at 1.1547 – 1.1525 region at the time of writing. As long as the support holds, we expect to look at the rebound pushing the common currency back to the resistance level of 1.1651. We expect the EURUSD to maintain this range heading into this Friday’s payrolls report. In the near term, a breakout above 1.1651 could trigger further gains pushing the euro back toward the previously held resistance level of 1.1745 – 1.1718.
