EUR Set To Re-Test Points This Morning

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By Benny Nardino | April 4, 2008

The EUR has set itself for a bullish re-test for a possible 1.5707 and 1.5780 resistance levels on the Fibonacci pivots this morning.

This chart, (click chart to enlarge) indicates a setup for north-bound re-run but at lacking the energy because people are still waiting in the wings for today’s reports. At the moment, the market continues to consolidate make higher-lows and lower-highs creating a spring effect.

These numbers are critical this morning. A break above these levels would either see a breakdown or an outbreak today. But treat cautiously.

We are looking at these numbers below:

***********************
** FIBONACCI % **
***********************
Fib 23.6 38.2
Res 1.5707 1.5780

Fib 50 61.8
Sup 1.5651 1.5593

However, these Economic Reports today could also become the deciding factor for directions.

7:45am EUR French Government Budget Balance   -22.7B -6.6B
11:00am EUR German Factory Orders m/m    0.8% -1.5%
12:00pm CAD Employment Change    15.0K 43.3K
12:00pm CAD Unemployment Rate    5.8% 5.8%
1:30pm USD Nonfarm Employment Change    -50K -63K
1:30pm USD Unemployment Rate    5.0% 4.8%
1:30pm USD Average Hourly Earnings m/m    0.3% 0.3%
1:45pm USD Cleveland Fed President Pianalto Speaks
3:00pm CAD Ivey PMI    62.5 62.0
7:45pm USD Fed Governor Kroszner Speaks