It's been one way traffic for EURUSD this morning 5 May 2016
A combination of USD demand and some option-related supply have helped drive the pair down to 1.1418 so far after failing to break 1.1500 in early trading.
I highlighted the 1.1420 area as the next target in my post previously when we were attacking 1.1450 and bingo we've seen it.
Currently 1.1428 we should expect this 1.1400-20 to attract fresh buyers with any further losses below there limited to 1.1350 ahead of tomorrow's NFP data. Offers/res now at 1.1450-70 the first hurdle for any rally with larger sell interest at 1.1500 still.
