EURUSD (1.1840): The EURUSD closed on a bearish note yesterday as price action formed a bearish engulfing pattern on the daily session. The gradual decline could see further downside momentum building up ahead of this Friday’s nonfarm payrolls report. After briefly slipping below 1.1822, the euro currency managed to rebound to trade back in the support zone of 1.1843 and 1.1822. However, we expect this rebound to be short lived. Failure to close above the support zone could pave way for EURUSD to post declines to the next lower support seen at 1.1710 – 1.1688.
