The EURUSD pair initially fell during the course of the session on Thursday, but found enough support to turn around and form a bit of a hammer.

However, with the Nonfarm Payroll Numbers coming out during the day today, it’s likely that we will get an extraordinarily high amount of volatility.

If we break down below the bottom of the hammer, then we should grind our way down to the 1.10 level below.

On the other hand, if we break above the top the hammer, we should continue to grind away towards the 1.12 handle.

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 (EURUSD), 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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