EURUSD has bounced towards 1.10 as it failed to challenge 1.09 yesterday following it's recent downtrend. Yesterday's ISM manufacturing came in at 49.1 vs 51.3 expected so we now await payrolls and average hourly earnings data on Friday. We do not see major upside potential for the currency pair and still see prices heading below 1.09 in the near term.
I was watching bloomberg today and an analyst mentioned the 'economy paycheck' as a measure of (payrolls * average hourly wages * average hours worked in a week) Here I have made the same index for observation. Interesting how it reversed clearly as the 08 crash happened and then bottomed clearly in 09; williams trader called for long in 2011 and also...
EURUSD 300p average range after payrolls