EURUSD broken key support at 1.31 and dropped almost 200 pips within a few hours after ECB surprised investors by cutting cash rate from 0.15% down to 0.05%. This was the biggest intraday loss from beginning of the year.
After the Non-farm payroll report, Euro slightly pull back but still moving around the low most of the time. This is really a heavy bearish situation for the EURUSD.
We expect Euro will move down further in the next coming day and support not seen until 1.2750.
Forex Trading Signal:
We will watch for signals to short Euro around 1.300 today.