The final wave of selling on Friday occurred after the release of the unspectacular Non-Farm Payrolls’ data, and after a brief rally there has been further selling since. A break below the 1.3543 lows would be a strong bearish signal.
Further moves down could be expected to reach the next band of support at 1.3480. If prices find support at the lows, however, and launch a recovery rally higher, then the may reach resistance highs at 1.3650.
by Joaquin Monfort, Analytical expert , Forex4You © 2011
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