The Single currency continues its drop as investors maintain their optimistic outlook on the U.S currency. With the strengthening greenback, investors are pricing in an upbeat NFP report today. With high GDP growth, hawkish Fed, on target inflation rate, and higher bond yields already in play, a positive NFP report will cap it off for Dollar bulls and give them further incentives to push the Euro lower.
The Euro breaks below the 1.16161 support level and drops towards 1.15750. After a steep two-day drop, the pair's bearish momentum will cool off until the release of the NFP report. A positive NFP report will strengthen the greenback and push the Single currency to break below the 1.15495
Support: 1.15495 1.15031
Resistance: 1.16161 1.16480