Technical Outlook on EURO/USD,, PRE And POST Non Farm Payroll Event Tonight

Follow up on my last Technical report on EURO/USD, this pair has extended continue its southern journey, trading within a tight downward channel and looks poised to test 1.20 as the pair now trades at 1.21711. GMT 00:14 ,US Pacific 17:14 ,KL/Singap[ore/HK 08:14.

And if you look at the second chart below , then you may have a new Trade set- up:-

The horizontal trend line is at 1.2140. , and the Recent Low is at 1.2110. Obviously, when the Price action hits below 1.2110, then it will expose the immediate Psychological support level at 1.2000, which I personally think it will be the level  ECB will support at with all their Means and Will and Resources.

A positive NON FARM Payroll Event to be commenced at GMT 12:30 Today  may send a Momentous Spike CROSSING the 1.2000 level , but it shall not be too long for ECB to Reverse it and keep it above the 1.2000 level.

In view of the present volatile condition, Technical Analysis may be NOT applicable temporarily, as the potential Intervention from ECB IS OBVIOUS. As Trader, what we need to do now is just follow the trend and ride with the trend, .. for example, when price action has been physically HALTED, exit your trades  promptly, and switch to  Future Indices and Commodity to be in tandem with the Risk Aversion flow....