FX.co ★ EUR/USD Daily Outlook for May 6th / 2011

DAILY OUTLOOK :

The EUR/USD has been trading below the 5 days and 20 days Simple Moving Avarage but still above the 60 day Simple Moving Avarage; this situation means that this pair is now in the Bullish situation, this pair now has a serious movement in the opposite direction (red: down) but not yet changed the Bullish trend situation. However please pay attention to the US - Unemployment Rate and the Non Farm Payrolls release data this night for this pair. If this pair can break the previous day low at the 1.4509, this pair will be going down to test the Fibonacci Support 61.8% at the 1.4453, on the other hand if the mark 1.4600 can be broken out by this pair today it will lead this pair to going up to test the Fibonacci Resistance 38.2% at the 1.4638. But its better one hour before the US-Unemployment Rate & Non Farm Payrolls Data relesed its no position and the market participant can be traded again one hour after the data release.