Forexzilla.org

EUR/USD paused yesterday after the huge sell off Tuesday. On the candlesticks charts a hammer pattern apperad which means that further correction of the downside move could be expected. Today the forex market will watch closely the US GDP report (12:30 GMT). If we see a positive number the chances for recession in US will diminish and some market players could price in this fact. Tomorrow the mother of all reports – US NON-Farm Payrolls is expected to show -75K. ADP report suggest a positive surprise risk and if the number comse out above -50 the US dollar could find some support aiagin. Resistance is 1.5630/50, 1.5720 and 1.5770. Support is 1.5520 and 1.5455.