The EUR/USD which was always regarded as one of the strongest pairs is on the downside. Initially, due to the non-farm mixed payrolls the pair was moving higher, but after a little while it started to slip. This move then paced up, and the EUR/USD lost the main support line. Following are the main reasons for the downfall of EUR/USD:
The report that shows the bright side of the Non-Farm Payroll: The report showed that the unemployment rate was decreased to 9%. On the other hand, the real unemployment of U-6 showed a decrease of 16.2%. In the month of August and September, the most important revisions in the figures were released. For the QE3, chances are very low.
Digestion of economic weakness of German: Over 4% of free-fell was ordered by the German factory as the rise was anticipated. PMI final service was revised on the lower side. This was a major drop for the German figure. Until the NFP, the digestion figures were pushed back.
Italy struggling at the G-20 summit: The only important news that came out from the G-20 summit was that Italy asked for the IMF to provide a mission, which put the Italy along with Portugal, and Ireland. This shows the importance of the situation. In the Italy, there is a political turmoil going on, and it is more dangerous than Greece.
We made sell order today : sell at 1.383 , stop loss 1.4 and profit 1.318.