Forex Technical & Market Analysis FXCC Jun 10 2013

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[b]Forex Technical & Market Analysis FXCC Jun 10 2013

EUR/USD still searching for direction after NFP Data

After trading as high as 1.3284 ahead of the US Non Farm Payroll data, the EUR/USD was unable to hold onto early gains and ended the session 68 pips lower 1.3216. The lack of follow through after the sharp gains early in the week is somewhat concerning, but thus far the pair has been able to hold onto the critical support level located in the 1.3200 area. Some analysts are pointing towards a combination between the Non Farm Payroll data, as well as comments from ECB President Draghi at the most recent ECB meeting as reasons to expect limited upside for the EUR/USD in coming days. According to Marc Chandler, Head of Currency Strategy at BBH,