ECH10 – March Euro (Last:1.3584)

The daily chart of the Euro futures gives us a sense of how far the euro might react in either direction to the non-farm payrolls report, which often sends markets scurrying one way or the other, or both.  One of the two patterns in question began more than a month ago with a compact but significant impulse wave that surpassed three prior lows back in the middle of 2009.  This D target is at 1.3398, and although the euro’s recent decline affords other, lower pivots, let’s take them one at a time.  The highest hidden pivot that recent trading can give us is at 1.3854, which will be in effect so long as 1.3550 holds.