The EURUSD pair initially try to rally during the session on Thursday, but fell hard enough to slam back into the 1.37 level.

That area has been supportive several times now, and as a result we think it’s a natural place for this market to sit still before the nonfarm payroll numbers come out, but it appears if anything that it’s probably going to be easier to go higher from here rather than selloff.

However, it until we get some type of decision on at what the economic announcement means, it’s probably best to sit outside of this market.

Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account.  The ETF looks to track the price of the euro, minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.

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